USA-based innovative, single-use bioreactor manufacturer and process development services provider PBS Biotech raised USD 22 million in recent financing. The company announced the fundraise on January 9, 2023. Avego Management, LLC led the financing for the firm. Meanwhile, existing investor BroadOak Capital Partners (“BroadOak”) joined the investment.

As a part of the deal, Jerry Liao, Vice President at Avego, intends to join the Board of Directors at PBS.

Purpose of financing for PBS Biotech 

With the latest capital injection from the recent financing, the company intends to further improve its product portfolio.

Besides, it has plans to expand its process development services capability. Moreover, PBS Biotech looks to increase customer support for global cell therapy clients.

What the company’s official has to say

Dr Brian Lee, CEO of PBS Biotech, said, ‘The investment from Avego Management and BroadOak ensures PBS Biotech will continue to provide the best manufacturing platform along with unsurpassed technical support to unlock clinical and commercial manufacturing of allogeneic cell-based therapies for decades to come.”

Stradling Yocca Carlson & Rauth provided legal counsel for PBS Biotech.

What the investors have to add

Jerry Liao, Vice President at Avego, further commented PBS has a remarkable and validated technology and product platform, as evidenced by projects with more than 200 customers. Avego is thrilled to partner with Dr Lee and the leadership team at PBS to support the continued growth of one of the leading technology and service providers in the cell therapy space.”

In addition, Bryan Poltilove, Operating Partner at BroadOak and Director at PBS, said, “This financing positions PBS to expedite product development, enabling therapeutic developers from early-stage research through clinical development and commercial manufacturing in the coming years. We are excited to continue supporting PBS and to have Avego join as a new investor in the company.”

Sheppard, Mullin, Richter & Hampton LLP acted as legal counsel for Avego, whereas Cooley LLP provided legal counsel for BroadOak.

About the company 

In 2006 Dr Brian Lee launched the company. PBS Biotech is a leading manufacturer of single-use bioreactor systems and a provider of process development services. PBS Biotech produces the easiest-to-use and most technologically advanced bioreactors for the pharmaceutical industry. The company’s bioreactors leverage proprietary Vertical-Wheel® technology to create homogeneous and scalable mixing conditions for a variety of sensitive cell therapy products and cell culture applications. PBS Biotech’s vision is to become the world’s standard manufacturing platform for allogeneic cell-based therapies.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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