INSUBCONTINENT EXCLUSIVE:
While economic conditions and the ongoing global coronavirus pandemic may not make for the best atmosphere for raising funding, some
companies are still announcing round closures with significant money committed
Cambridge-based ElevateBio, for instance, revealed a $170 million Series B funding on Monday, with participation from new investors The
Invus Group, Surveyor Capital, EDBI, and Vertex Ventures, along with existing investors F2 Ventures, MPM Capital, EcoR1 Capital, Redmile
Group and Samsara BioCapital.ElevateBio, which was officially launched to the public less than a year ago, specializes in development of new
types of cellular and genetic therapies, and operates by the creation of new companies under its portfolio each dedicated to the development
and manufacturing of a specific type of therapeutic approach
This funding brings the total raised by ElevateBio to over $300 million, on top of a $150 million Series A round that the company announced
square foot facilitating in Massachusetts to focus on R-D
transplantations and is already in the later stages of clinical trials
Finally, it launched another company called HighPassBio, which is also aimed at helping treat stem cell-related diseases using T-cell
therapies, in this case specifically around the potential relapse of leukaemia following a transplant.As you might expect, ElevateBio is
also turning the attention of some of its efforts towards research focused on mitigating the impact of COVID-19; specifically, its AlloVir
subsidiary has expanding an existing research agreement in place with the Baylor College of Medicine to work on developing a type of T-cell
therapy that can help protect patients with conditions that compromise their immune systems and put them at increased risk for COVID-19.
