UCL spinout Ori Biotech has raised more than $100m in a series B round led by Novalis LifeSciences, just over a year after closing a $30m series A round.
Ori Biotech, a UK-based cell and gene therapy manufacturing technology spinout of University College London, picked up more than $100m in its series B round led by Novalis LifeSciences on Tuesday.
Puhua Capital and Chimera Abu Dhabi also took part in the round, as did returning investors Amadeus Capital Partners, Delin Ventures, Northpond Ventures and Octopus Ventures. The latter four had joined Kindred Capital for a $30m series A round in October 2020.
Founded in 2015, Orin Biotech has built a system to close, automate, digitise and standardise cell and gene therapy manufacturing. It will use the series B capital to move through pre-commercialisation activities and begin offering access to the platform in 2022.
Jason Foster, chief executive of Orin Biotech, said: “Our mission as a company is to enable widespread patient access to life-saving cell and gene therapies.
“One of the biggest obstacles to achieving this is cell and gene therapy manufacturing processes that are too expensive, too highly variable and too low throughput.
“Our team is focused on the urgent need to enhance the ability of cell and gene therapy developers, contract development and manufacturing organisations and academic medical centres to deliver these therapies to as many patients as possible as quickly as possible.”
Paul Meister, partner at Novalis LifeSciences will join Ori’s board of directors in conjunction with the round. He commented: “We view Ori Biotech as the best-in-class solution to solve many of the significant challenges now facing cell and gene therapy researchers and developers.
“We think Ori is well-positioned, and are pleased to partner with their industry-leading management team.”
