Evolve Biologics, the plasma-derived therapeutics affiliate of Toronto-based Therapure Biopharma, has raised financing from majority investor Catalyst Capital Group. The company said the undisclosed investment adds to the nearly C$100 million already secured from Catalyst, a Canadian private equity firm. It will support commercialization of Evolve’s PlasmaCap EBA technology.
MISSISSAUGA, Ontario–(BUSINESS WIRE)–Evolve Biologics Inc. (“Evolve”), an innovative plasma-derived therapeutics company, today provided an update on its continued progress toward the development and commercialization of its PlasmaCap EBA technology and its strong position as an innovative developer and manufacturer of these critical products.
“Evolve has made great strides over the past few months, achieving major regulatory milestones and securing key commercial relationships, and we are energized by the momentum we have seen across our business,” said Jim Caggiano, Chief Executive Officer at Evolve. “Building on the recent success of our Phase III clinical trial for PlasmaCap IG (Intravenous Immunoglobulin or IVIG), we are accelerating our commercialization and manufacturing efforts, having secured multi-year commitments for the majority of our plasma supply and production output, expected to commence in early 2024. Catalyst, our majority investor, has also invested significant additional capital in Evolve, adding to the nearly $100 million it has already deployed to build this company. These large commitments by suppliers, customers and investors substantially advance our plans for commercialization of our technology, which allows us to harvest more grams of protein from every liter of plasma.”
Evolve continues to progress in its plan for the construction of its first commercial facility in the US and is now in late stages of site selection. The company expects to finalize and announce the future location of its facility by spring 2021. In the meantime, working with industry-leading architects and engineers, including a firm that played a key role in the design and construction of the most recent plasma facility built in the US, the Company has completed the schematic design for the new facility. The facility will initially have the capacity to process one million liters of plasma annually, with a planned expansion to two million. Additionally, Evolve has begun hiring new positions to manage the build-out for this facility.
In anticipation of commencing production in early 2024, Evolve has made significant investments to ensure other long lead-time items are available for the facility, including a custom filling line, of which the Company expects to take delivery by mid-2022. The new equipment will significantly enhance Evolve’s future capacity, helping the company to meet increasing global demand of plasma-derived products.
Gabriel de Alba, Chairman of Evolve Biologics and Managing Director and Partner at The Catalyst Capital Group Inc., added, “We have high confidence in Evolve’s tremendous potential as a world class biologics company. With our recent successful sale of the affiliated CDMO business, Evolve now is 100% focused on plasma-derived therapeutics and we are excited to reinvest additional capital unlocked by the sale to accelerate Evolve on its path to market.”
About Evolve Biologics® Inc.
Evolve Biologics Inc. is a leader in the development and commercialization of plasma-derived therapeutics, using its proprietary PlasmaCap EBA purification technology to more efficiently and effectively meet growing global patient demand for these life-saving products. The Company is currently in the process of commercializing an exciting and innovative portfolio of product candidates, including IVIG (intravenous immunoglobulin) and Albumin (human serum albumin), both of which are in advanced stages of regulatory approval in the US (FDA) and Canada (Health Canada). The Company is headquartered in Mississauga, Ontario, Canada. For more information, please visit: www.evolvebiologics.com.