Gen1 Biotechnology Pty Ltd, an Adelaide, Australia-based biopharmaceutical manufacturer, completed an AUD$8m (USD$6.3m) funding round.
Backers included Australian private equity investors, local banks, and the South Australian Government’s Health Industries Fund.
The company intends to use the funds to continue to build a large-scale pharmaceutical factory manufacturing injectable biopharmaceuticals for the Australian and international markets.
GEN1, which aims to raise a total of AUD$160m (USD$126m) over the next three years, secured a site in Adelaide’s Tonsley Innovation District. The factory will be the first of its kind and scale in Australia, manufacturing injectable medicines that are currently imported, with medications including treatment for chronic conditions such as cancer, hypertension and diabetes.