Avectas, an Irish cell engineering technology company, has completed a significant new Series C equity funding of approximately $20m.
The round, which brought the total equity invested in the business to date to $40m, was led by existing shareholders, including Seamus Mulligan.
The company intends to use the funds to accelerate the clinical translation and commercial scale-up of its proprietary cell engineering technology platform (Solupore®) and expand its commercial, regulatory and technical organisation with new hires in Ireland and the U.S.
Founded in 2012 by Michael Maguire, Ph.D., Chief Executive Officer, Avectas is a cell engineering technology business developing a novel delivery platform to enable the ex-vivo manufacture of its partners’ gene modified cell therapy products, which will retain high in-vivo functionality. The patented Solupore® technology achieves engineering efficiencies for delivery of a broad range of payloads (including mRNA, DNA, proteins and gene editing tools) to primary T cells and NK cells for immuno-oncology and gene editing applications.
The company employs 29 people including 19 with doctorate degrees in Ireland.