Fundamental Applied Biology Inc., a Menlo Park, Calif.-based developer of a cell-free protein synthesis technology used to produce drugs and vaccines, has raised $21 million in Series B funding. Return backer SV Life Sciences co-led the round, and was joined by Alta Partners. The company previously had raised around $2.3 million. In other FAB news, the company named Daniel Gold, former executive with Human Genome Sciences, as its new CEO.
Fundamental Applied Biology, Inc. (FAB), a privately held biotechnology company, announced the completion of a $21 million Series B financing. Prior investor SV Life Sciences (SVLS) led the round followed by co-lead investor Alta Partners.
The proceeds from the financing will be used to develop FAB's novel, cell-free protein synthesis technology to produce biologic drugs and vaccines for unmet medical needs. David Mack, Ph.D., Director at Alta Partners has joined Michael Ross, Ph.D., Managing Partner at SVLS, as a member of the Board of Directors.
Cell-free technology was designed to overcome the limitations of
cell-based production of proteins that are often subject to degradation, low yields and purification difficulties, or are not therapeutically effective because of structural deficiencies due to poor folding.
FAB's proprietary cell free protein synthesis technology was developed by James R. Swartz, Sc.D., a leading expert in the field of cell-free protein synthesis. Dr. Swartz holds the Leland T. Edwards Professorship in the School of Engineering at Stanford University and is a Professor in the Departments of Bioengineering and Chemical Engineering. He is a member of the National Academy of Engineering with over twenty years of industrial experience at Eli Lilly and Genentech prior to joining Stanford in 1998.
Dr. Swartz serves on the Board of Directors of the company.
FAB also announced that Daniel Gold, Ph.D. has joined the company as Chief Executive Officer. Dr. Gold has over twenty years of
biopharmaceutical process development and manufacturing experience. He joins FAB from Human Genome Sciences (HGS) where he was Senior Vice President, Manufacturing Alliances, and Senior Vice President of Pharmaceutical Operations. Prior to joining HGS, Dr. Gold was Vice President, Process Development and Chief Scientific Officer at Diosynth-RTP, Inc., where he directed the manufacturing of fifteen protein-based therapeutics, leading to IND, BLA or NDA submission and approval. Dr. Gold also held scientific and management positions in process development and anufacturing at Genencor, Genentech and Khepri Pharmaceuticals. Dr. Gold received his Ph.D. and M.S. degrees in
Biochemical Engineering from the Massachusetts Institute of Technology.
“The confidence of our investors, Alta Partners and SV Life Sciences, provides further validation for the therapeutic and commercial potential of this unique and exciting technology,” said Dr. Gold. “Our goals are both to develop our own propriety products and to collaborate with other biopharmaceutical companies to develop high-quality protein-based drugs. I
am happy to join FAB at this exciting time in the company's development.”
Dr. Michael Ross stated, “SVLS is pleased to help advance the
development of FAB's cell-free technology to bring novel biologics to
market for the treatment of unmet medical needs. This groundbreaking approach could provide protein-based drugs and vaccines that are difficult or impossible to synthesize, increasing their therapeutic and commercial