Leukocare Raises USD 17.5M in Financing

Leukocare AG, a Martinsried/Munich, Germany and Milford, MA, USA-based biotechnology company specialized in the field of biopharmaceutical formulation development, closed a USD 17.5m (€14.6m) financing.

The round was led by Petrichor Healthcare Capital Management, with participation from existing shareholders. The financing consists of a USD 15m convertible loan and a USD 2.5m equity investment from Petrichor. Following the financing, Tadd Wessel, Founder and Managing Partner at Petrichor, will join Leukocare’s Supervisory Board. Mr. Wessel brings more than 20 years of experience in healthcare finance and, prior to founding Petrichor, served as a Managing Director at OrbiMed Advisors, where he led the build-out of the healthcare special situations and structured finance business.

Proceeds will be used to accelerate Leukocare’s US expansion activities, bolster the company’s expertise in the fields of viral vector and vaccine formulation, as well as the emerging field of mRNA formulation, and to expand its suite of bioinformatics capabilities.

Led by Michael Scholl, Chief Executive Officer, Leukocare is a biotechnology company specialized in the field of biopharmaceutical formulation development. Operating at the interface of drug substance and drug product development, the company combines sound knowledge of formulation development with bioinformatics and artificial intelligence.
The formulation development approach consists of two elements: a library of up to 100 different regulatory well-established and employed excipients and a rational development approach which employs statistical software and self-learning algorithms as well as state of the art design of experiment (DoE) matrices. By utilizing the artificial intelligence elements, Leukocare is able to specifically combine excipients leading to stabilizing formulations tailored to the drug product’s needs.
Leukocare’s drug product formulations can be applied to a broad range of applications: biologics & biosimilars, vaccines & viral vectors and biofunctionalized devices.

In January 2021, Leukocare started its US operations with the opening of development laboratories and offices in Milford, Massachusetts.