Elektrofi has received $40 million in a Series B financing round to fund a manufacturing line to support clinical trials and double its headcount.
Elektrofi, a Boston-based biotech that focuses on drug formulation and delivery, says part of the $40 million will be used to establish a centralized manufacturing line to support numerous upcoming clinical trials.
â€śThis financing sets the stage for advancement of multiple lead programs to human trials, clinical validation of Elektrofiâ€™s high concentration technology, and pipeline expansion in response to significant inbound platform interest,â€ť said CEO of Elektrofi Chase Coffman said.
â€śWe view this as a foundational step on our journey to making a meaningful difference for patients and their loved ones.â€ť
Furthermore, the firm claims the funding will advance its internal research and development activities and said that its formulation platform has the ability to address â€ślong-standing and unmet need[s] for stabilized, highly concentrated biologics.â€ť
The platform is based on a microparticle technology and enables small-volume injections for therapeutic proteins, monoclonal antibodies (mAbs), and other large molecule drugs that the firm says are of significant importance to human health. Elektrofi also say that because the most popular option to administer high dose products is using pen injectors, autoinjectors, and prefilled syringes, the platform has the potential to provide change for patients across a range of disease areas and indications.
The financing was led by Marshall Wace and BVF Partners, with participation from Janus Henderson Investors and Logos Capital.
â€śWe believe Elektrofi is establishing a transformational tool for the delivery of therapeutic proteins. We are pleased to partner with and support the next phase of the Companyâ€™s growth,â€ť said Mark Lampert, CEO of BVF Partners.
The company said it plans to double its headcount over the next 12-18 months in order to drive development across a plethora of licenced programs in the pharma and biotech space.