Single-use bioreactor manufacturer PBS Biotech completed a $22 million financing led by Avego Management this week, which will be used to improve the Camarillo-based company’s products portfolio, process development services and increase customer support for cell-therapy clients.
Additional investment was provided by existing investor BroadOak Capital Partners with Newport Beach-based Stradling Yocca Carlson & Rauth acting as legal counsel for PBS.
“The investment from Avego Management and BroadOak ensures PBS Biotech will continue to provide the best manufacturing platform along with unsurpassed technical support to unlock clinical and commercial manufacturing of allogeneic cell-based therapies for decades to come,” Dr. Brian Lee, chief executive of PBS Biotech, said in a statement.
Jerry Liao, vice president at Avego, has joined the board of directors at PBS following the financing.
“PBS has a remarkable and validated technology and product platform, as evidenced by projects with more than 200 customers,” Liao said in a statement. “Avego is thrilled to partner with Dr. Lee and the leadership team at PBS to support the continued growth of one of the leading technology and service providers in the cell therapy space.”
PBS develops small, single-use bioreactors, such as its Vertical-Whell bioreactor, that have demonstrated better performance in producing therapeutic cells in comparison to traditional “stirred tank” systems. The company’s products focus on creating cell product manufacturing platforms for other companies to use.
“This financing positions PBS to expedite product development, enabling therapeutic developers from early-stage research through clinical development and commercial manufacturing in the coming years,” Bryan Poltilove, operating partner at BroadOak and director at PBS said in a statement. “We are excited to continue supporting PBS and to have Avego join as a new investor in the company.”