The UK company Ori Biotech has raised €88M ($100M) in Series B cash to ease the cell therapy manufacturing bottleneck using automation and standardized data collection.
The round was 40% oversubscribed and led by the US investment firm Novalis LifeSciences. The Chinese investor Puhua Capital and Chimera Abu Dhabi joined the existing syndicate, which includes Amadeus Capital Partners, Delin Ventures, and more.
The proceeds will fuel Ori Biotech’s recruiting drive as the firm prepares for the commercialization of its cell therapy manufacturing technology. Ori expects to hit the market in the first half of 2023.
“There’s a lot of stuff to do: getting manufacturing and supply chains, beefing up our commercial team,” said Jason Foster, Ori Biotech’s CEO. “We already have six or seven folks in our commercial team but we want more.”
“The excitement for this year is to deploy some of that capital into building robust infrastructure into the company.”
Record levels of venture funding have swelled the cell and gene therapy sectors in the last two years.
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