iVexSol(R) Closes $23.8M Series A-3 Financing; Funds to Revolutionize the Production of Lentiviral Vectors
LEXINGTON, Mass., Jan. 26, 2023 (GLOBE NEWSWIRE) -- iVexSol Inc., a technology-based lentiviral vector (LVV) contract development and manufacturing organization (CDMO), announced $23.8 million in Series A-3 funding. New investors Bristol Myers Squibb (NYSE: BMY), Charles River Laboratories (NYSE: CRL) and Asahi Kasei Medical, a division of Asahi Kasei (NYSE: AHKSY), join existing investors which include Casdin Capital and BioLife Solutions (Nasdaq: BLFS) to close Series A financing at a total of more than $39 million.
The new funding will be used to invest in iVexSol's Intelligent Vector Solutions by advancing process and analytical technologies, expanding technical teams in Quality, Regulatory and cGMP operations, and augmenting existing infrastructure to support the production of stable LVV producer cell lines.
"Current vector production methods continue to struggle to meet clinical and commercial demand," remarked Dr. Rodney Rietze, iVexSol co-founder and CEO. "Our cost-effective and highly scalable Intelligent Vector Solutions are designed to break the vector supply bottleneck and provide greater access to patients seeking life-saving treatments. Receiving support from industry leaders Bristol Myers Squib and Charles River Laboratories, along with new entrants like Asahi Kasei Medical is transformative, enabling us to advance our production capabilities and provide a more comprehensive offering to our clients."
iVexSol's Intelligent Vector Solutions revolutionize 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 technology platform uses banks of vector-producing cells to reliably produce LVV at significantly greater quantities than current approaches and facilitate the rapid scale-out needed for global demand, all within a smaller manufacturing footprint. These advances enable shorter clinical development timelines, reduced costs, and ultimately, increased global access for patients waiting to receive these transformative medicines.
The company is currently focused on generating stable LVV cell lines using each client's gene of interest, to enable a robust and readily available supply of "on-demand" vector to meet the client's growing vector needs.
About iVexSol
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 timw@walshgroupmarketing.com
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