Elektrofi Announces Oversubscribed $112.25 Million Series C Financing to Establish Commercial-Scale GMP Manufacturing Capacity & Accelerate Clinical Development Across its Growing Portfolio
Financing led by Novo Holdings, RA Capital Management, Royalty Pharma, SR One, and TPG Life Sciences Innovations, with participation from 16 additional new and existing investors.
Proceeds will be used, in part, to establish Ph3 and commercial-scale GMP manufacturing capacity that will accelerate clinical development and provide global support for a growing portfolio of programs with existing and emerging partners.
BOSTON , October 31, 2024 (PR NEWSWIRE)
Elektrofi, Inc., a biopharmaceutical delivery technology company focused on improving the patient experience and expanding access to life-changing medicines through the freedom of self-administration, today announced the closing of an upsized and oversubscribed $112.25M Series C financing. The financing was co-led by Novo Holdings, RA Capital Management, Royalty Pharma, SR One, and TPG Life Sciences Innovations, with participation from Eli Lilly and Company. Other premier new and existing life sciences investors participated, including Braidwell LP, BVF, Catalio Capital Management, Checkpoint Capital, Deep Track Capital, General Catalyst, Janus Henderson Investors, Kearny Venture Partners, Logos Capital, Marshall Wace, Paradigm BioCapital, Samsara Biocapital, Woodline Partners LP, and an investment fund associated with Leerink Partners.
Proceeds from the financing will support the establishment of Ph3 and commercial-scale GMP manufacturing lines. The addition of this capacity to the Company’s first GMP line, which is expected to be operational for clinical manufacturing in early 2025, will enable current and future programs to move quickly from inception to launch.
"At Elektrofi, we envision a world in which patients have the independence they need – around how and where they take their medications – to live life on their terms,” said Chase Coffman, CEO. “The industry is on the cusp of a drug delivery revolution, and Elektrofi is proud to be leading it with Hypercon™, a broadly applicable platform for the hyper concentration and stabilization of biopharmaceuticals. With our team of industry experts, distinguished Board Directors, world-class investors, and pharma partners, we look forward to scaling our proprietary technology in the interest of bringing life-changing medicines to patients across the globe as quickly as possible.”
About Elektrofi
Elektrofi is a biopharmaceutical formulation technology company that is revolutionizing the delivery of biologic therapies by giving patients the ability to control how they want to receive and benefit from life-changing medicines. Our breakthrough hyper concentrated microparticle technology platform, HyperconTM, resolves the limitations associated with intravenously delivered biologic therapies by enabling convenient at-home subcutaneous self-administration. With a focus on monoclonal antibodies, therapeutic proteins, and other large molecule drugs, we create, develop, and commercialize subcutaneous biologic therapies in collaboration with strategic partners. We believe a patient-centered healthcare approach can lead to a healthier world. We are headquartered in Boston and innovate globally.
Formulating the Future of BiologicsTM. Follow us on LinkedIn.
Elektrofi Media Inquiries: media@elektrofi.com