Cell and Gene Therapy Portfolio Builder ElevateBio Raises $ 525 Million in Funding
Cell and gene therapy company ElevateBio announced today that it has completed $ 525 million Series C funding, with the intention of using the proceeds to develop and expand its technology platforms, expand its development network of processes and its GMP manufacturing capacity, advancing industrial partnerships and continuing to develop candidates through its portfolio of companies.
Based in Cambridge, MA, ElevateBio is a creator and operator of a portfolio of companies across multiple technology platforms in cell and gene therapy and regenerative medicine, including gene editing, induced pluripotent stem cells and l protein, viral and cellular engineering.
ElevateBio has built these businesses through a centralized innovation and manufacturing center it calls BaseCamp, designed to provide fully integrated capabilities, part of the company’s “ElevateInside” approach, which encompasses basic research and transitional, process development, clinical development, cGMP manufacturing and business regulation.
“ElevateBio created the first fully integrated technology company focused exclusively on cell and gene therapy, disrupting the current paradigm by providing end-to-end capabilities that allow partners to have a strategic advantage in the market and ultimately , to meet the urgent needs of patients. and families suffering from deadly and devastating illnesses, ”ElevateBio Chairman and CEO David Hallal said in a statement.
Through one of the Company’s strategic partnerships, Massachusetts General Hospital (MGH) has secured privileged access to the ElevateBio strategic partnership which gives MGH privileged access to research, process development and manufacturing facilities of ElevateBio BaseCamp. The partners agreed to work together to identify cell and gene technologies and create therapeutic companies, ElevateBio supporting MGH’s cell and gene therapy research programs.
Another partner, Cambridge-based immunotherapy company TCR2 Therapeutics, established a manufacturing partnership with ElevateBio in November to leverage BaseCamp’s technical capabilities to develop a pipeline of novel T cell therapies for cancer patients.
Pivotal T cell therapy
Five pipeline candidates integrating ElevateBio’s expertise have been developed via AlloVir, whose pipeline of five candidates is led by Viralym-M (ALVR105), a specific multi-virus T cell therapy (VST) whose treatment program for haemorrhagic cystitis associated with the virus is in the pivotal phase III trial phase.
Viralym-M also targets BK virus, cytomegalovirus (CMV), adenovirus (AdV), Epstein-Barr virus and human herpes virus 6 (HHV-6) and, according to the company, has the potential to transform care for transplant recipients.
Also in the AlloVir pipeline:
- ALVR106, composed of multi-VSTs targeting respiratory syncytial virus (RSV), influenza, parainfluenza virus (PIV) and human metapneumovirus (hMPV). In December, the FDA cleared AlloVir’s IND application for ALVR106, with a phase Ib / II trial in allogeneic and autologous hematopoietic stem cell transplant (HSCT) patients starting this year.
- ALVR109, a unique VST targeting SARS-CoV-2 in a Phase Ib / II proof of concept trial.
- ALVR107, a unique preclinical VST targeting hepatitis B.
- ALVR108, a unique preclinical VST targeting human herpesvirus-8 (HHV-8).
Another ElevateBio portfolio company, HighPassBio, is developing HA-1 TCR, a phase I T cell therapy designed for the T cell receptor (TCR) targeting tumors expressing HA-1 and designed to manage leukemia relapse after a hematopoietic stem cell transplant. HighPassBiop was created in 2019 to commercialize T cell immunotherapies based on technology developed at the Fred Hutchinson Cancer Research Center.
“As we witness remarkable breakthroughs in the early days of the cell and gene therapy revolution, accelerating innovation requires next-generation technology, analytics and production capabilities to deliver better therapies,” faster and cheaper, ”added Hallal. “We are ready to power the field today and for many decades to come.”
Rethinking cell and gene therapies
Mitchell Finer, PhD, Scientific Director of ElevateBio, President of ElevateBio BaseCamp added: “At ElevateBio, we can realize the full potential of cell and gene therapies, by rethinking the way these products are made, by breaking down silos, by leveraging powerful enabling technologies and changing the mindset from simple manufacturing scale-up to large-scale biology.
“This approach will lead today and tomorrow to transformative cell, gene and regenerative therapies that have the potential to enable access to patients around the world,” added Finer, who is also CEO of LifeEDIT Therapeutics, a Research Triangle Park , NC, developer of gene-modified therapeutics which, along with AgBiome, joined the ElevateBio portfolio in November. LifeEdit claims to have built one of the world’s largest and most diverse collections of novel RNA-guided nucleases and base editors, derived from AgBiome’s proprietary microbial library.
ElevateBio Closes $ 150 Million Series A Funding In May 2019 when the company launched, and secured $ 170 million in Series B funding in March 2020, to which an additional $ 23 million was added in a second close, bringing the Series B total to $ 193 million. dollars.
Matrix Capital Management led the Series C funding with two additional new investors, SoftBank Vision Fund 2 and Fidelity Management & Research Company. They joined existing ElevateBio investors: MPM Capital, F2 Ventures, Redmile Group, EcoR1 Capital,
Samsara BioCapital, The Invus Group, Emerson Collective, Surveyor Capital (A Citadel company), EDBI and Vertex Ventures, iTochu, and an unidentified “big” insurance company.
As part of the funding, two new directors will join ElevateBio’s board of directors: Karan Takhar, senior managing director at Matrix Capital Management; and Deep Nishar, senior managing partner at SoftBank Investment Advisers.
“ElevateBio’s business model maximizes the potential to capitalize on the convergence of technology and healthcare, creating a whole new category of cell and gene therapy,” Takhar added.