Singapore-based biotech firm PrIME Biologics has received SGD16 million in funding. The investors were Xeraya Capital and JP Asia Prime Capital. According to the company, the capital will help establish the first human blood fractionation plant in South East Asia.
SINGAPORE–(BUSINESS WIRE)–PrIME Biologics Private Limited today announced investments from Xeraya Capital Labuan Ltd via its affiliate, Pulau Manukan Ventures Labuan Ltd, and JP Asia Prime Capital Pte Ltd.
This investment will enable PrIME Biologics to establish the first human blood plasma fractionation plant in South East Asia at its Singapore cGMP facility using its patented PrIME technology. The facility is currently undergoing extensive refurbishment and PrIME will be recommissioning the facility at an opening ceremony on October 8. PrIME Biologics plans to have the facility registered with the Singapore Health Science Authority and fully operational in January 2015.
“We’re excited to be working with Xeraya and JP Asia Prime,” said Dr Hari Nair, PrIME Biologics Executive Chairman. “Their investments will be critical in our next phase of growth. This technology will allow faster, safer blood plasma separation, enabling high yields and the use of plasma currently available in Asian countries. As a result, countries will become self-sufficient and meet with WHO guidelines on self-sufficiency relating to therapeutic human plasma proteins.”
“We see great possibilities with the technologies that PrIME Biologics has pioneered,” said Fares Zahir, CEO of Xeraya Capital. “PrIME is redefining the US$1 billion Asian Therapeutic Plasma market and our investment will enable processing of ‘currently unprocessable plasma’ (CUP), which accounts for approximately 50% of all the plasma collected in most Asian countries.”i
Attending the opening event as the Guest of Honour, Mr. Kevin Lai, Executive Director, Biomedical Sciences and Consumer Businesses, Singapore Economic Development Board (EDB), congratulated PrIME Biologics: “We celebrate PrIME Biologics’ establishment of its blood plasma fractionation facility in Singapore – the first of its kind in SEA. PrIME’s decision is a strong endorsement of Singapore’s track record as a biomedical sciences hub to access global markets and the robust capabilities we have developed to support the growing biopharmaceutical industry.”
Xeraya Capital carries on the business of investment management services with respect to venture capital and private equity investments in the life sciences sector while JP Asia Prime Capital is a Singapore-based private venture capital fund.
About PrIME Biologics
PrIME Biologics is a Singapore-based biotech company that has developed a disposable therapeutic plasma manufacturing process based on PrIME technology—Preparative Isolation by Membrane Electrophoresis. PrIME is pioneering this technique in its plasma manufacturing plant in Singapore to address the US$1 billion Asian plasma derivative market.
The PrIME process almost doubles product yields to more than 90% while increasing product safety and removing viruses, bacteria, endotoxins and prions. In addition, the PrIME Biologics process reduces the time it takes to produce multiple plasma products from days to hours.