SINGAPORE'S EDBI and Vertex Ventures have participated in the US$170 million Series B round for ElevateBio, which builds and operates a portfolio of cell and gene therapy companies. Read more at The Business Times.
SINGAPORE'S EDBI and Vertex Ventures have participated in the US$170 million Series B round for ElevateBio, which builds and operates a portfolio of cell and gene therapy companies.
EDBI, the investment arm of Singapore’s Economic Development Board, and Temasek-backed Vertex Ventures are both first-time investors in the US-based startup. Other new investors include US private equity firms The Invus Group and Surveyor Capital. Existing investors which also participated in the round are F2 Ventures, MPM Capital, EcoR1 Capital, Redmile Group and Samsara BioCapital.
The fresh capital will allow its centralised 140,000 square foot innovation and manufacturing hub, BaseCamp, to become fully operational with manufacturing that complies with Food and Drug Administration regulations in the US. BaseCamp provides cell and gene expertise for ElevateBio's portfolio companies and strategic partners.
The startup will also use the Series B proceeds to start clinical studies for at least six cell and gene therapies across its portfolio companies in 2020 and 2021, and to continue the development of ElevateBio's technology platforms.
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