PBS Biotech – a provider of single-use bioreactor systems and bioprocess development services – announced it secured $17 million in follow-on growth capital from Avego Management and BroadOak Capital Partners.
These funds will advance PBS’ new product innovation, process development services, and quality system improvements, further advancing the cell therapy industry and helping their customers bring life-saving therapies to market faster.
Plus, the company is expanding its ISO 9001:2015 manufacturing capacity, which will be completed by mid-2025, to support more than $100 million in annual revenue and to demonstrate readiness to meet customers’ demands as they scale up from clinical trials to regulatory approval and commercialization.
PBS als revealed that it welcomes Terrell Mathews as Chief Commercial Officer and Erik Wiberg as Chief Financial Officer. Mathews brings over 20 years of global customer experience in sales and marketing, while Wiberg offers more than 25 years of financial leadership in life sciences and technology. Their combined expertise at Danaher, Thermo Fisher, Gyros Protein Technologies, and Resolve Biosciences will propel PBS’ strategic growth and strengthen its market position while increasing customer support through geographic expansion and new product and application development.
PBS’ Vertical-Wheel bioreactors have demonstrated superior performance in producing therapeutic cells designed as regenerative medicines for conditions like diabetes, cancer, and heart disease. And PBS serves companies developing the next generation of cell therapies, focusing on benefiting the end patients in desperate need of more effective treatments than the ones currently available in the marketplace.
KEY QUOTES:
“These significant milestones mark an exciting phase for PBS Biotech. The continued support of Avego and BroadOak underscores the confidence of existing investors in our technology and market potential. Additionally, the appointments of Terrell and Erik bring unparalleled expertise and leadership to our executive team as we scale our business to meet the growing demands of the cell and gene therapy industry.”
– Dr. Brian Lee, CEO of PBS
