WORCESTER, Mass., Dec. 01, 2020 (GLOBE NEWSWIRE) -- iVexSol, a rapidly growing lentiviral vector (LVV) manufacturing company, today announced the closure of a $13.0M Series A funding round. A total of $15.2M has been raised to date from current investors Casdin Capital, LLC , and BioLife Solutions (NASDAQ:BLFS) and a third undisclosed lead investor. Funds will be used to establish a cGMP manufacturing facility in Lexington, MA for stable LVV producer cell line master banks and commercial-grade LVV.
iVexSol, Inc. was founded on a next generation manufacturing technology that revolutionizes the production of LVVs; gene delivery vehicles that are a critical raw material in the manufacturing of life-changing cell and gene therapies (CGTs). The unprecedented growth in the number of CGTs in clinical development, the paucity of LVV manufacturers and the commercial launch of new cancer-targeting CAR-T therapies have exacerbated the ongoing global shortage of these safe and effective gene delivery vehicles. This in turn has driven up costs and further increased wait times for production slots (averaging 12-18 months), which ultimately slows the development and restricts the availability of novel life-saving therapies.
iVexSol’s LVV technology is designed to reliably produce LVV at significantly greater quantities than traditional transient transfection processes, enabling a smaller manufacturing footprint, and facilitating the rapid scale-out needed for global demand. As such, it will provide a robust, reliable, and readily available supply of vector “on-demand” for CGT researchers and manufacturers. This in turn, will shorten clinical development timelines, reduce costs, and increase global access for patients waiting to receive these transformative medicines.
“We are very excited to be supported by such a strong base of investors as we establish our production capabilities,” remarked Dr. Rodney Rietze, iVexSol co-founder and CEO. “Current production methods are well-suited for small research labs, but entirely insufficient for ongoing clinical development and commercial supply. iVexSol's technology will revolutionize the entire vector manufacturing platform, and in doing so, remove a significant bottleneck for therapy providers as they develop and provide patients access to these novel treatments.”
About Casdin Capital, LLC
Casdin Capital, LLC is an investment firm focused on disruptive businesses. The firm is positioned to capitalize off an underappreciated, disruptive technology shift now unfolding in the life sciences and healthcare industry. Investment opportunities stretch the entire healthcare continuum and into sectors such as agriculture, industrial manufacturing and traditional information technology. For more information, please visit www.casdincapital.com.
About BioLife Solutions
BioLife Solutions is a leading supplier of class-defining cell and gene therapy bioproduction tools and services. Our tools portfolio includes our proprietary CryoStor® freeze media and HypoThermosol® shipping and storage media, ThawSTAR® family of automated, water-free thawing products, evo® cold chain management system, Custom Biogenic Systems high capacity storage freezers and SciSafe biologic storage services. For more information, please visit www.biolifesolutions.com, and follow BioLife on Twitter.
iVexSol, Inc. is a viral vector manufacturing company founded on a proprietary, next-generation, stable lentiviral vector production process that transforms the way these essential gene-delivery vehicles are made. Its technology will greatly reduce the complexity, cost, and development time of these critical reagents, thereby accelerating the development and enabling greater access to life-changing cell and gene therapies. For more information visit www.ivexsol.com.
Media Contact: Tim Walsh for iVexSol 617.512.1641 email@example.com