$100 Million Series B Funding Raised by Ori Biotech, Progressing the Launch of their Innovative Cell and Gene Therapy Manufacturing Platform
Ori Biotech has announced securing over $100 million series B funding. The London and New Jersey based cell and gene manufacturing technology company plans to use the funding to accelerate the launch of their innovative CGT manufacturing platform; the Ori Platform.
The premise of the Ori Platform is to provide a fully automated CGT full stack manufacturing platform for the commercialisation of advanced therapeutics. The system standardises, automates and closes the manufacturing process through a combination of proprietary hardware, data, analytics, and software. This will increase manufacturing efficiency through improving quality, throughput and decreasing overall costs.
“Our mission as a company is to enable widespread patient access to life saving cell and gene therapies. One of the biggest obstacles to achieving this is cell and gene therapy manufacturing processes that are too expensive, too highly variable and too low throughput. Our team is focused on the urgent need to enhance the ability of cell and gene therapy developers, CDMOs and Academic Medical Centres to deliver these therapies to as many patients as possible as quickly as possible,” explained Jason C. Foster, CEO of Ori Biotech.
Ori Biotech will additionally use the funding to launch its new Lightspeed Early Access Program (LEAP). This will grant select partners pre-launch access to the platform in 2022 and achieve full commercialisation by 2023.
The platform will allow company partners – therapy developers, academic researchers and contract manufacturers – to accelerate the transition of their products from pre-clinical to clinical trial and the onto a commercial scale. As the company improves its support of the development journeys of new and existing partners.
The significant financing provides further funds to the company following a $30 million Series A in 2020. Investors continuing their support again in series B included: Amadeus Capital Partners, Delin Ventures, Northpond Ventures and Octopus Ventures. New investors included: Puhua Capital and Chimera Abu Dhabi, led in this round by Novalis LifeScience.
Novalis LifeScience consists of a team of experienced operating executives who provide not only financial investment, but also operational and strategic advice to life science entrepreneurial companies, aiding company growth.
As Ori uses this finance to enter its next stage of growth Farlan Veraitch, Founder and Chief Scientific Officer comments that Novalis LifeScience’s “vast experience in bio-enterprise scale-up will be invaluable”.
Source: Ori Biotech press release