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Pharma Tech Outlook | Friday, June 25, 2021
Leukocare AG accomplishes USD 17.5 million financings led by Petrichor Healthcare Capital Management, including existing shareholders of Leukocare.
FREMONT, CA: Leukocare AG, a biotechnology company specializing in biopharmaceutical formulations, completes a USD 17.5 million (EUR 14.6 million) financing led by Petrichor Healthcare Capital Management and including existing Leukocare shareholders. Petrichor will fund the transaction with USD 15 million convertible loans and a USD 2.5 million equity investment. The proceeds will be used to accelerate Leukocare's expansion into the United States, to bolster the company's market-leading expertize in viral vector and vaccine formulation, as well as the emerging field of mRNA formulation, and to expand the company's suite of bioinformatics capabilities.
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Michael Scholl, Chief Executive Officer at Leukocare, says, "We are thrilled about the completion of this financing round. Our vast expertise in formulation development of biopharmaceuticals and viral vectors in combination with innovative bioinformatics puts us at the forefront of drug product development in these fields. This funding enables us to expedite our growth plans which encompass enhancing our bioinformatics capabilities as well as growing Leukocare's market presence in the US. I would like to thank our new investor Petrichor and our existing shareholders for their continuous support and trust."
Tadd Wessel, Founder and Managing Partner of Petrichor, joins Leukocare's Supervisory Board following the financing. Mr. Wessel has over two decades of experience in healthcare finance, most recently as a Managing Director at OrbiMed Advisors. He oversaw the growth of the unique healthcare situations and structured finance business.
Tadd Wessel adds, “Leukocares market-leading expertise in formulation development for complex and innovative products, particularly those in increasingly important fields such as viral vectors and mRNA therapeutics, combined with their in-house expertise in artificial intelligence and biostatistics, makes them an unparalleled innovator in this rapidly growing biopharma subsector. We believe our partnership will help Leukocare accelerate into their next stage of growth, both here in the US and beyond.”
Georg Dönges, Chief Financial Officer at Leukocare, comments, “This unique form of financing and the partnership qualities that Petrichor provides are ideally suited to support Leukocare at our current development stage, and will enable us to rapidly pursue our multifaceted growth initiatives.”
Leukocare began operations in the United States in January 2021 to establish development laboratories and offices in Milford, Massachusetts. This strategic step allowed Leukocare to work even closer with US customers and partners in developing drug product formulations for biopharmaceuticals and advanced therapy medicinal products (ATMP). The company's in-house bioinformatics team enables superior formulations to be set less quickly, using best-in-class biostatistics with deep learning algorithms. Together, these allow coverage of a more comprehensive design space, providing tailor-made solutions from a broader range of options. In addition, further investment in machine learning and database expansion will strengthen Leukocare's approach to replacing high-throughput screening in silico experiments, ultimately amplifying the knowledge field of formulation scientists.
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