Platelet BioGenesis Secures $26M Series A Funding to Advance In Vitro Platelet Production Platform and Files IPO Prospectus

On September 11, 2019, VCBeat (WeChat ID: vcbeat) learned via Business Wire that biotechnology company Platelet BioGenesis (PBG) announced the completion of a $26 million Series A financing round.

This financing round was led by Ziff Capital Partners (ZCP) and Qiming Venture Partners USA, with participation from Nest.Bio Ventures and eCoast Angels. Additionally, Dr. Steven Altschuler, Managing Director at Ziff Capital Partners, will join the Board of Directors of PBG.

Dr. Altschuler is a recognized expert in the field of gene and cell therapy, as well as the founder and Chairman of the Board of Spark Therapeutics (“Spark”), a biopharmaceutical company. Spark’s rapid growth has attracted attention across the pharmaceutical industry, and it is currently being acquired by Roche for $4.3 billion. In addition, Dr. Altschuler serves on the boards of directors of highly innovative biotechnology companies such as AsclepiX Therapeutics and ImVaX.

PBG plans to use the proceeds from this financing round to advance its stem cell-based in vitro platelet production technology and to develop cell therapies leveraging platelets. Additionally, the company intends to recruit biotechnology professionals, aiming to double its workforce by 2020.

It is reported that PBG has previously completed five rounds of financing, raising a total of $45 million. Among these, the company closed its $1 million Series A round in June 2017 and secured $3.5 million in funding in June 2018.

PBG, a biotechnology company headquartered in Massachusetts, USA, was founded in 2014. Initially affiliated with Harvard University, the company is dedicated to developing novel technologies for the manufacturing of human platelets. Since its inception, PBG has received funding from Qiming Venture Partners USA, the Center for Life Science Boston (CLSB), the U.S. National Institutes of Health (NIH), and the U.S. Department of Defense (DOD).

PBG’s proprietary adult platelet production platform is the only patented, cGMP-compliant platform capable of scalable platelet manufacturing. The company’s research team primarily generates platelets by inducing human pluripotent stem cells to achieve mass production. This stem cell-based platelet production technology eliminates dependence on donors, addressing the longstanding global shortage of platelets. Furthermore, PBG is developing innovative platelet-based therapies for the treatment of cancer and other serious diseases.

This July, Dr. Sam Rasty was appointed President and Chief Executive Officer of PBG, while biotechnology veteran Dr. Richard Murray also joined the company’s Board of Directors. PBG is currently expanding its operational capabilities and will relocate to a new headquarters spanning 18,000 square feet early next year.

Dr. Rasty stated, “The Series A financing is a significant milestone in the development history of PBG, enabling us to initiate our first clinical trial of stem cell-derived platelets. Products developed based on PBG’s technology are superior to most currently available products on the market. We will continue to advance in the field of gene and cell therapy, with a focus on developing transformative therapeutics.”

Dr. Altschuler stated, “With a professional R&D team and advanced technology, PBG has become a leader in the cell therapy and platelet manufacturing markets. Furthermore, we will expand our business operations to prepare for the company’s continued growth.”

ZCP was established in 2015 as a venture capital firm primarily investing in the biotechnology sector.

Qiming Venture Partners USA, established in 2017 and headquartered in Seattle, United States, is a venture capital and private equity firm. It is the first U.S. investment fund under Qiming Venture Partners, with offices in Boston and Palo Alto.

Nest.Bio Ventures, established in 2016 and headquartered in Massachusetts, USA, is a venture capital firm primarily investing in the biotechnology and healthcare sectors.

eCoast Angels Network, established in 2000 and headquartered in New Hampshire, USA, is a venture capital firm. The company primarily invests in innovative technologies, communications, e-commerce, healthcare, and the service industry.

(Compiled by Xu Xiaoxue)