PBS Biotech, a leader in single-use bioreactors and process development services, recently announced the completion of a $22 million financing round led by Avego Management, LLC and supported by BroadOak Capital Partners. The funds will be used to innovate the product portfolio, bolster the process development services, and increase customer support for cell therapy clients around the globe.
PBS Biotech is proud to announce the recent investment from Avego Management and BroadOak, which will ensure that they are able to continue providing the best manufacturing platform and technical support to unlock clinical and commercial manufacturing of allogeneic cell-based therapies. With this investment, PBS Biotech is committed to providing the best solutions for their customers for years to come.
Jerry Liao, Vice President of Avego, is proud to announce his recent appointment to the Board of Directors at PBS! With more than 200 customers and a remarkable, validated technology and product platform, PBS is one of the leading technology and service providers in the cell therapy space. Avego is excited to join forces with Dr. Lee and the PBS leadership team to help propel the company’s growth even further.
PBS is now well-positioned to quickly develop therapeutics and bring them from early-stage research through clinical development and commercial manufacturing. BroadOak Operating Partner, Bryan Poltilove, and Avego, a new investor in the company, are thrilled to be part of this financing that will accelerate PBS’s progress.
Vertical-Wheel® bioreactors have revolutionized therapeutic cell production, offering superior performance compared to traditional stirred-tank systems. Perfectly suited to the production of iPSC, MSC and exosome-based therapies, these innovative bioreactors offer a scalable and reliable platform for companies developing novel regenerative medicines. From diabetes and cancer to heart disease and more, Vertical-Wheel bioreactors are playing a critical role in the potential cures of life-threatening conditions around the world.
PBS turned to Stradling Yocca Carlson & Rauth for legal counsel, while Avego sought the expertise of Sheppard, Mullin, Richter & Hampton LLP and BroadOak relied on Cooley LLP for their legal needs.
About PBS Biotech
At PBS Biotech, we are revolutionizing the way cell-based therapies are manufactured. Our proprietary Vertical-Wheel® technology allows for the production of homogeneous and scalable single-use bioreactor systems, making us the leader in process development services. Our aim is to become the world’s go-to platform for allogeneic cell-based therapies and to revolutionize the way we manufacture these treatments.
About Avego Management, LLC (“Avego”):
Avego is a healthcare-focused investment firm with a mission to bring innovative products and services to patients, practitioners, and other stakeholders across the healthcare continuum. Founded in 2015 by former healthcare entrepreneurs, Avego operates out of offices in New York and Georgia, and seeks to invest in private and public companies through its three strategies: private equity, venture capital, and a long/short fund. With its multi-pronged approach, Avego is dedicated to driving the future of healthcare.
About BroadOak Capital Partners (“BroadOak”)
BroadOak Capital Partners is a boutique financial institution with a singular focus on the life sciences industry. With expertise in research tools and consumables, diagnostics, and biopharmaceutical services, we have provided direct investments and investment banking services to more than 60 companies worldwide, through a variety of funds and investment vehicles. We are proud to have been at the forefront of this rapidly expanding sector, helping to bring innovative solutions to market.