CEVEC closes growth financing round
CEVEC Pharmaceuticals (CEVEC), a provider of high-performance cell technology for scalable manufacturing of advanced bio-therapeutics, has closed an internal growth financing round.
Being profitable in 2020, the company plans to use the funds to accelerate company growth and to further build up cell line development capacities to address the growing market in viral vector production. CEVEC also announced that the ELEVECTA Technology is currently being implemented in HEK293 as a second host cell type. As HEK293 is the most widely used host cell line in gene therapy manufacturing, CEVEC expects to see a significant increase in demand from clients and partners.
“CEVEC is in a very important stage of development. As pharma companies are increasingly building up their gene therapy portfolios, this is the right time to invest and expand the company’s cell line development capacities in order to address the growing market for our technologies,” says Dr Nicole Faust, Chief Executive Officer at CEVEC. “We are delighted to experience the strong support of our investors in this capacity expansion program. We want to take the opportunity to thank them for their commitment, realising we share the same vision – turning CEVEC’s technologies into the gold standard for viral vector manufacturing.”
“Gene therapies are often the only treatment option for many severe and life-threatening diseases, and they have evolved as one of the main growth drivers in pharma and biotech. Therefore, the potential for novel production technologies as offered by CEVEC is enormous,” says Aristotelis Nastos, Head of Life Sciences & Cleantech at NRW.Bank. “We are delighted to be part of this financing round with the aim of accelerating the company’s growth and becoming market leader for stable vector manufacturing technologies in cell and gene therapies.”