PBS Biotech Raises $22M to Expand Single-Use Manufacturing Products and Services for Cell Therapy Clients

CAMARILLO, Calif., Jan. 9, 2023 /PRNewswire/ -- PBS Biotech ("PBS"), an innovative, single-use bioreactor manufacturer and process development services provider, has completed a $22 million financing led by Avego Management, LLC ("Avego") with additional investment from existing investor BroadOak Capital Partners ("BroadOak"). This financing will be used to improve the company's products portfolio, expand its process development services capability, and increase customer support for global cell therapy clients.

"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," said Dr. Brian Lee, CEO of PBS Biotech.

Jerry Liao, Vice President at Avego, has joined the Board of Directors at PBS. "PBS has a remarkable and validated technology and product platform, as evidenced by projects with more than 200 customers. 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," said Jerry Liao.

"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," said Bryan Poltilove, Operating Partner at BroadOak and Director at PBS. "We are excited to continue supporting PBS and to have Avego join as a new investor in the company."

Compared to traditional "stirred-tank" systems, PBS Vertical-Wheel^® bioreactors have demonstrated superior performance of therapeutic cell production in multiple published studies. While the unique and scalable fluid mixing conditions enabled by Vertical-Wheel bioreactors are ideal for a wide range of human cell-derived modalities, they are particularly well-suited for induced pluripotent stem cell ("iPSC"), mesenchymal stem cell ("MSC"), and exosome-based therapeutics manufacturing. Companies in this space are developing novel regenerative medicines as potential cures to life threatening conditions such as diabetes, cancer, and heart disease and recognize the need for a scalable manufacturing platform for commercial demands.

Stradling Yocca Carlson & Rauth acted as legal counsel for PBS, Sheppard, Mullin, Richter & Hampton LLP acted as legal counsel for Avego, and Cooley LLP acted as legal counsel for BroadOak.

About PBS Biotech

PBS Biotech is a leading manufacturer of single-use bioreactor systems and provider of process development services. PBS' bioreactors utilize proprietary Vertical-Wheel^® technology to create homogeneous and scalable mixing conditions for a variety of sensitive cell therapy products and cell culture applications. PBS Biotech's vision is to become the world's standard manufacturing platform for allogeneic cell-based therapies. To learn more, visit pbsbiotech.com.

About Avego Management, LLC ("Avego"):

Avego, founded in 2015 by former healthcare entrepreneurs, is a multi-strategy healthcare-focused investment firm with offices in New York and Georgia. Through its three strategies, which include private equity, venture capital, and a long/short fund, Avego invests in private and public companies developing and commercializing innovative products and services for patients, practitioners, and other stakeholders across the healthcare continuum. To learn more about Avego, visit avego.com

About BroadOak Capital Partners ("BroadOak")

BroadOak Capital Partners is a life science focused, boutique financial institution that provides direct investment and investment banking services to companies in the research tools and consumables, diagnostics, and biopharma services sectors. BroadOak has led or participated in investments in over 60 companies across multiple funds and investment vehicles. For more information, visit broadoak.com

Media Contact:
Mark Schneider
VP Finance and Corporate Controller
[email protected]

SOURCE PBS Biotech Inc.