Forge Biologics Closes $ 80 Million in Additional Funding to Accelerate CDMO’s Planned Expansion | Your money
COLUMBUS, Ohio – (BUSINESS WIRE) – January 10, 2022–
Forge Biologics, a contracted development and manufacturing organization focused on gene therapy, today announced manufacturing expansion plans in 2022 to meet the growing demand for gene therapy manufacturing. The expansion will coincide with an accelerated headcount and expansion of The Hearth’s facilities in Columbus, Ohio, both aided by continued investments in the business.
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The Hearth, Forge Biologics (Photo: Business Wire)
Forge has entered into a secured financing agreement with MidCap Financial that provides up to $ 80 million in borrowing capacity. This non-dilutive financing will support the expansion of the facilities and the new customer offerings that will be announced in 2022.
“We are excited to achieve our goal of providing our customers with increased manufacturing capacity, while giving them access to some of the largest suspension bioreactors available in the industry,” said Timothy J. Miller, Ph. D., CEO, President, and Co-Founder of Forge. “This increased scale, combined with our automated filling and finishing capabilities, positions Forge as an ideal partner for customers who go beyond the clinic for commercial launch and sourcing, especially those who need to manufacture a cGMP AAV. “
The larger-scale bioreactor capacity available to customers will be supported by continued staff growth as the company grows to 400 employees, which will now be accelerated by a grant received from the State of Ohio to support operations. new hires over the next three years.
“Forge Biologics is an established and growing pioneer company right here in Ohio,” said JobsOhio President and CEO JP Nauseef. “Ohio’s world-class researchers, talent and investors have created an environment in which Forge can develop breakthroughs in gene therapy that change life and can positively impact lives around the world. “
Forge launched facility expansion in 2021 and increases the company’s overall manufacturing footprint to over 200,000 square feet of facility space, including 20 cGMP manufacturing suites, with the ability to add more suites in the current facility in the future.
Ongoing facility expansion dramatically increases the number and capacity of Forge’s bioreactors, including the installation of 5000L cGMP bioreactors for large-scale customer needs in clinical and commercial programs for use with the lineage. Forge’s exclusive HEK 293 IgnitionTM suspension cell. The expansion also adds automated cGMP fill-finish capabilities to Forge’s offerings, designed with a cleanroom bottom classification that meets European Medicines Agency requirements for advanced clinical and commercial filling needs. . The 5,000 L bioreactors and automated filling systems are expected to be available to customers in the second half of 2022.
The additional funding brings Forge’s total funding to approximately $ 240 million. Forge had previously secured $ 160 million in two previous rounds with the closing of a $ 40 million Series A funding in July 2020 and a $ 120 million Series B round in April 2021.
As previously reported, Forge is making a virtual presentation at JP Morgan’s 40th Annual Healthcare Conference scheduled for Jan. 11, 2022 at 10:00 a.m.ET. The presentation will be available on our website at https://www.forgebiologics.com/news/#events immediately after presentation and for 30 days thereafter.
About Forge Biologics
Forge Biologics is a clinical-stage hybrid gene therapy and therapeutic development contract manufacturer. Forge’s mission is to provide access to life-changing gene therapies and help take them from idea to reality. Forge has a facility of over 200,000 square feet in Columbus, Ohio, The Hearth, which serves as its corporate headquarters. The Hearth is a custom-designed cGMP facility dedicated to the manufacturing of AAV vectors and will host end-to-end manufacturing services to accelerate gene therapy programs from preclinical to clinical and commercial. By taking a patient-centered approach, Forge aims to accelerate the turnaround time of these transformative medicines for those who need them most. To find out more, visit www.forgebiologics.com
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PUB: 01/10/2022 08: 00 / DISC: 01/10/2022 08:02
Copyright Business Wire 2022.