Lebanon, New Hampshire – June 21, 2017 – Avitide, Inc., the industry leader in the discovery, and manufacture of exclusive biopharmaceutical affinity purification solutions, today announced the closing of a Series E financing. Sands Capital Ventures, LLC led the financing round with participation from Mithril Capital Management, Polaris Partners, NeoMed Management, OrbiMed Advisors, and Borealis Ventures. Ian Ratcliffe (Sands Capital Ventures) joined Avitide’s Board of Directors.
The proceeds will be used to fund ongoing operations with a target to reach profitability by 2019. Avitide’s affinity purification platform has revolutionized biopharmaceutical drug purification and has been successfully deployed against an array of biomolecules such as enzymes, antibody-based therapeutics, recombinant vaccines, and gene therapies.
“Avitide is becoming the industry leader in affinity chromatography, and their bespoke purification solutions enable the development of life-saving biologic drugs. We are excited to help Avitide build a business that provides tremendous value to the biopharmaceutical industry”, said Ian Ratcliffe, Partner, Sands Capital Ventures.
“Sands Capital Ventures has a strong track record building profitable life science tool companies; they share our view of building a sustainable, profitable company, and we are very much looking forward to working with them”, said Tillman Gerngross, Cofounder and Chairman of the Board. “Biopharmaceutical purification challenges remain an important problem in our industry”, said Kevin Isett, Avitide’s CEO and CoFounder. “The Avitide platform is positioned at the convergence of multiple biopharmaceutical manufacturing trends. There is considerable value in accelerating preclinical and development timelines, purifying only the desired drug substance from product contaminants, and multi-step legacy processes to be more competitive.”
Avitide discovers, manufactures and supplies molecule-specific biopharmaceutical affinity purification solutions with an industry-leading 3-month service timeline. Avitide’s proprietary affinity separation technology enables its partners to achieve faster bioprocess development timelines, reduced program risk, predictable commercial scalability, and lower cost of manufacturing for batch and continuous operations. Avitide’s high-resolution affinity resins can be designed to select and enrich for improved drug safety, potency, and quality attributes critical to controlling target product profiles and establishing biosimilarity. Avitide also delivers exclusive biomanufacturing intellectual property with its technologies. Avitide’s management team brings substantial expertise and a track record of success in commercializing innovative biopharmaceutical discovery and manufacturing technology platforms. Avitide is financed by premiere venture capital firms such as Polaris Venture Partners, OrbiMed Advisors, Mithril Capital Management, SV Life Sciences, NeoMed Management, and Borealis Ventures.
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MacDougall Biomedical Communications