August Bioservices, a Nashville, Tenn.-based contract development and manufacturing organization (CDMO) providing drug discovery, development, and pharmaceutical manufacturing services, closed a $23.6m Series A extension.
The round was led by Polaris Partners, who joined existing investor Oak HC/FT. As part of the financing, Brian Chee, Managing Partner of Polaris Partners, joined the August Bioservices’ board as a Director. Darren Carroll of Polaris Partners joined the board as an observer.
The company intends to use the funds to expand its manufacturing capacity and capabilities to advance the technology platforms needed to support production of sterile injectable medications.
Led by Jenn Adams, CEO, August Bioservices partners with biopharmaceutical and biotech companies to provide a wide array of services to accelerate the advancement of novel therapeutics along the drug development pathway. Its service portfolio includes cGMP non-sterile and bulk manufacturing, aseptic fill and finish, labeling and related services. The company also provides drug formulation, process design and scale-up, analytical and stability testing, and research services that feature target validation, characterization and assay development, protein engineering and cell-line development.
In November 2020, August announced a planned $64.7 million investment to expand its Nashville manufacturing operations, which will add 180 jobs over five years. The first expansion project, which will focus on renovating its existing facility, includes the addition of development and manufacturing capabilities for liquid and lyophilized vials, prefilled syringes, IV bags and terminal sterilization. This renovation is expected to be completed in late 2021. The second expansion project will add a new high-speed manufacturing facility, adjacent to the existing building, which will create one contiguous campus for drug discovery, development and manufacturing in Nashville.
FinSMEs
27/05/2021