Financing to accelerate first mover advantage of Protein Printing™ technology which enables revolutionary efficiencies in protein manufacturing.
VANCOUVER, Wash., Oct. 20, 2020 /PRNewswire/ –
AbSci, a growth-stage synthetic biology company whose Protein Printing™ technology enables rapid and low-cost biomanufacturing and discovery of biotherapeutics, today announced a $65 million Series E equity financing. The round was led by Casdin Capital with participation from other new investors, Redmile Group and ArrowMark Partners, and other existing investors, including Phoenix Venture Partners. Representatives of Casdin Capital and Redmile Group will join AbSci’s Board of Directors as a part of the financing.
“We believe AbSci’s Protein Printing™ technology has a unique opportunity to support the commercialization of next-generation biologics which have long been considered unmanufacturable,” said Eli Casdin, Chief Investment Officer and Founder at Casdin Capital. “In addition, AbSci’s differentiated commercial model presents a unique opportunity to share in their partners’ successes with opportunities for a revenue stream from drug development all the way through to approval and commercialization. We look forward to supporting AbSci as they execute on their vision to transform biomanufacturing and drug discovery.”
Proceeds from the financing will be used to increase production capacity, accelerate facility expansion and support research and development activities. AbSci is making protein production as simple as DNA synthesis through its revolutionary Protein Printing technology, which combines the power of E. coli SoluPro® with a cutting-edge synthetic biology platform for generation of high-diversity strain libraries and high-throughput screening assays. This technology delivers unprecedented titers with superior product quality for any biotherapeutic protein allowing biopharmaceutical companies to get the absolute best drug candidate to market.
“At AbSci, our mission is to revolutionize biopharmaceutical discovery and manufacturing using our Protein Printing technology to enable unprecedented precision and speed,” said Sean McClain, Founder and CEO of AbSci. “Our team is committed to continually innovate and push the boundaries of what is possible. We are grateful to our new and existing investors for their support of our vision and we look forward to deploying this capital to transform the future of biomanufacturing.”