Novel Biotechnology, a Toronto, Canada-based biotechnology startup developing solutions for plasmid DNA production, raised $2.5M in Seed funding.
The round saw participation from angel investors, along with the Ontario Center of Innovation (OCI), which provided $500k.
The company intends to use the funds to expand its existing plasmid services business and expedite its platform R&D initiatives.
Led by CEO Pankaj Khanna, CTO Matthew Weinstock, and CFO Konstantin Rodionov, Novel Biotechnology is a biotechnology startup developing innovative solutions for plasmid DNA production, catering to demand of the biopharmaceutical industry. Its NBx platform delivers productivity, speed, and quality, helping in the field of DNA diseases.
Since its inception, the company has achieved significant milestones, including the development of its proprietary strain, proof of concept with multiple plasmid constructs, and the generation of meaningful revenue through its services business.
Over the past several months, Novel has been conducting tests on complex plasmid constructs and scaling up its proprietary platform in collaboration with external partners. The company is excited to announce the commercial launch of NBx for plasmid manufacturing in Q4, 2023.
In the interim, Novel will continue to leverage established platforms to produce R&D and pre-clinical plasmid material for its existing industrial and academic clients.
FinSMEs
28/09/2023