Boston, U.S.-based biotech Elektrofi has completed a $40 million series B funding round.
The company, which focuses on drug formulation and delivery, will use a portion of the proceeds to establish a centralized manufacturing line to support multiple upcoming clinical trials. The company also aims to double staff numbers over the next 12-18 months to accelerate development of its pipeline.
Elektrofi said its formulation platform enables patient-friendly small-volume injections for monoclonal antibodies, therapeutic proteins, and other large molecule drugs.
The financing was led by Marshall Wace and BVF Partners, with participation from Janus Henderson Investors and Logos Capital.
“This financing sets the stage for advancement of multiple lead programs to human trials, clinical validation of Elektrofi’s high concentration technology, and pipeline expansion in response to significant inbound platform interest,” said Chase Coffman, CEO and co-founder of Elektrofi. “We view this as a foundational step on our journey to making a meaningful difference for patients and their loved ones.”
“We 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 company’s growth,” said Mark Lampert, CEO of BVF Partners.
Rapid deployment
Earlier this year, Elektrofi inked a contract with the Defense Health Agency (DHA) Small Business Innovation Research (SBIR) Program within the Department of Defense to explore using the company’s platform formulation technology for the delivery of prefilled, high-dose formulations for the rapid deployment of antibody treatments for COVID-19 and pandemic preparation.
Elektrofi said it aims to provide an alternative to current delivery methods for antibody treatments, which require intravenous administration in a healthcare setting. Under the contract with DHA SBIR, Elektrofi will use its technology to pioneer COVID-19 antibody therapies for self-administration at home, widening the potential distribution for these essential medicines.
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