|[March 15, 2013]
Avitide, Inc. Secures Series A Financing to Commercialize Novel Biopharmaceutical Affinity Purification Technology
LEBANON, N.H. --(Business Wire)--
Avitide, Inc., a biotech company dedicated to the discovery and
development of custom affinity purification solutions for the
biopharmaceutical industry, announced the closing of their Series A
financing. The Avitide technology is designed to discover and develop
affinity purification products that will improve the fundamental
timeframes and economics of commercial bioprocessing.
The financing was led by Borealis Ventures with participation from SV
Life Sciences, Polaris Venture Partners, OrbiMed Advisors, and Angeli
Parvi. Managing Partners Phil Ferneau (Borealis Ventures) and Michael
Ross (SV Life Sciences) joined Avitide's Board of Directors. The
proceeds from this financing will enable the further development of
Avitide's custom affinity purification platform and continued commercial
development of low cost and high capacity affinity resins for monoclonal
antibodies, therapeutic proteins, and recombinant vaccines.
"The Avitide team has pioneered an elegant and cost effective solution
to a problem that bioprocess engineers have wrestled with for some time:
'How does one selectively purify therapeutic proteins at scale without
having to go through multiple chromatography steps and without requiring
an affinity resin based on recombinant proteins ' The Avitide technology
enables rapid development of highly selective chromatography resins via
chemical synthesis which are not based on costly recombinant proteins.
This will have a large impact on commercial bioprocessing," said Prof
Tillman Gerngross, Co-founder of Avitide. "We can offer our partners a
new standard in speed to delivery of customer-defined affinity
purification products, allowing them to achieve unparalleled development
timelines while obtaining a highly purified product in a single step,"
added Kevin Isett, Avitide's Co-founder and CEO.
"The technology is based on one of those insights that is so
fundamentally powerful it seems obvious now that someone has done it,"
commented Mike Ross (News - Alert), Ph.D. (Managing Partner, SV Life Sciences). "The
Avitide team just did an outstanding job of identifying a key bottleneck
in bioprocessing and addressing i with a practical and cost effective
Avitide is led by a team with substantial relevant expertise and a track
record of success in bioprocessing and in commercializing innovation.
Avitide's founders include: Tillman Gerngross, Co-founder and CEO of
Adimab, Co-founder and President of Arsanis, Co-founder and CSO of
GlycoFi (a wholly-owned subsidiary of Merck & Co since 2006), and
Professor of Engineering at Dartmouth College; Errik Anderson,
Co-founder and COO of Adimab, and Co-founder and Board Member of
Arsanis; Kevin Isett, Head of High-throughput Manufacturing at Adimab,
and Sr. Biochemical Engineer at Merck Bioprocess R&D Warren Kett,
Co-founder and CTO of Glycan Biosciences; and Jonathan Sheller, Director
Finance & Operations for Arsanis, and Founder of Bedrock Ventures.
"The combination of a high caliber team that knows how to deliver real
value to biopharma customers, world-class science, and an innovative
business model make this a compelling investment opportunity", said Phil
Ferneau from Borealis Ventures.
Avitide will initiate operations in Lebanon, New Hampshire. "We
evaluated several business locations in the northeast US, and it quickly
became apparent that the growing entrepreneurial nexus near Dartmouth
College offered an outstanding combination of talented engineers and
scientists, a strong entrepreneurial network, and the financial and
operational resources needed to be successful. We are very excited that
Avitide will join this emerging biotech community," stated Isett.
ABOUT BOREALIS VENTURES
Borealis Ventures partners closely with exceptional entrepreneurs from
the earliest stages to build market-defining companies in the life
sciences and information technology sectors. Borealis has been the most
active venture investor in New Hampshire over the past decade, and its
latest fund, the Borealis Granite Fund, is the first venture capital
fund dedicated to NH-based opportunities.
ABOUT SV LIFE SCIENCES
SV Life Sciences is a leading international life sciences venture
capital firm. The SVLS team manages five private venture capital funds
with approximately $2 billion of capital under management. The firm
employs a diversified strategy within life sciences in order to
selectively capitalize on an expanding opportunity in biotech, medical
devices and health-care services.
ABOUT POLARIS VENTURE PARTNERS
Polaris Venture Partners is a partnership of experienced private equity
investors, operating executives and entrepreneurs. The firm's mission is
to identify, invest in and partner with seed, early stage, and middle
market businesses with exceptional promise and help them grow into
market-leading companies. The firm has over $3.5 billion under
management, more than 20 investment professionals, and current
investments in more than 100 companies.
ABOUT ORBIMED ADVISORS
OrbiMed is the world's largest life sciences and healthcare-dedicated
investment firm, with approximately $6 billion in assets under
management. OrbiMed has successfully invested in over 140 companies
across a wide range of therapeutic categories and stages of development.
OrbiMed's investment team includes approximately 60 experienced
professionals with backgrounds in science, medicine, industry, finance
and law. OrbiMed's professionals work together using a collaborative,
team-oriented approach to support our portfolio companies, which has
earned OrbiMed a reputation as a capital provider of choice for life
sciences companies of all stages.
ABOUT AVITIDE, INC.
Avitide develops customized biopharmaceutical affinity purification
products. The Avitide platform reduces bioprocess development timelines,
program risk, and cost of manufacture by providing turnkey,
cost-effective, highly specific affinity purification solutions.
Industry-leading affinity resin discovery timelines integrate seamlessly
into process development cycles, providing improved line-of-sight,
platform operations and equipment, and predictable scalability. For more
information, contact email@example.com.
[ Back To Technology News's Homepage ]