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Press Release

Avitide, Inc., Secures Series D Financing from Mithril to Expand Affinity Resin Discovery Platform and Resin Manufacturing Operations

Avitide
Posted on: 13 Sep 16

LEBANON, N.H.--(BUSINESS WIRE)--Avitide, Inc., the leader in the discovery, manufacture, and supply of novel affinity purification solutions for the biopharmaceutical industry, closed its Series D financing. Mithril Capital Management, LLC led the financing round.

Avitide rapidly and reliably develops high-performance affinity purification solutions for the manufacture of life-saving therapeutics, including enzymes, novel scaffolds, multi-specific antibodies, gene therapies, and vaccines. By solving complex protein purification challenges that currently require multiple chromatography steps, Avitide enables its partners to achieve faster bioprocess development timelines, reduced program risk, improved drug performance, more predictable commercial scalability, and lower cost of manufacturing.

“Manufacturing biologics has always been one of the most difficult challenges in healthcare,” said Ajay Royan, Co-Founder and Managing General Partner at Mithril. “The current wave of more complicated biologics magnifies the challenge exponentially. By making manufacturing cheaper and faster, and even enabling products that would otherwise be impossible, Avitide is making better medicines accessible sooner to the patients who need them.”

“Mithril understood Avitide’s mission immediately. Their focus on durable, industry-disrupting platform technologies aligns well with our ambitions at Avitide,” said Prof. Tillman Gerngross, Co-Founder and Chairman of the Board of Avitide. “We’re delighted to work together in expanding the business.”

“Proceeds from this financing will allow us broaden and deepen existing relationships, embark on new strategic initiatives, and support our growing roster of partnered programs and novel affinity separation products,” said Kevin Isett, CEO and Co-Founder of Avitide. “Mithril is joining at a very exciting phase.”

ABOUT MITHRIL CAPITAL MANAGEMENT

Mithril invests in leading growth companies by partnering with teams who use technology to build transformative and durable businesses, often in industries long overdue for change. Each of these businesses is unique, but all face common challenges to unlocking long-term growth. Mithril helps navigate these critical inflection points by investing in size and with conviction. www.mithril.com

ABOUT AVITIDE, INC.

Avitide delivers on-demand, molecule-specific biopharmaceutical affinity purification solutions with an industry-leading 3-month service. Avitide’s proprietary affinity separation technology enables our partners to achieve faster bioprocess development timelines, reduced program risk, predictable commercial scalability, and lower cost of manufacturing. Avitide’s high-resolution affinity resins also select and enrich for drug safety, potency, and quality attributes critical to controlling target product profiles. For more information, contact info@avitide.com.

Contacts

MacDougall Biomedical Communications
Chris Erdman, 781-235-3060
cerdman@macbiocom.com

For more information:
www.businesswire.com/news/home/20160912005389/en/Avitide-Secures-Series-Financing-Mithril-Expand-Affinity

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 13/09/2016

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