Avectas LimitedThursday, 25 June 2020
ByrneWallace advise Avectas Limited ("Avectas") in completing a significant new Series C equity funding of approximately $20 million, bringing the total equity invested in the business to date to $40 million. The funding was led by existing shareholder, Seamus Mulligan, with Barry Leonard and Dr. Mary Martin also participating.
Founded in 2012, Avectas is an Irish based cell engineering technology business developing a novel delivery platform to enable the ex-vivo manufacture of its partners' gene modified cell therapy products, which will retain high in-vivo functionality. The funds raised in this latest equity round will be used to accelerate the clinical translation and commercial scale-up of Avectas' proprietary cell engineering technology platform (Solupore®). The technology achieves excellent engineering efficiencies for delivery of a broad range of payloads (including mRNA, DNA, proteins and gene editing tools) to primary T cells and NK cells for immuno-oncology and gene editing applications.
To support this next phase of its activities, Avectas will also expand its commercial, regulatory and technical organisation with new hires in Ireland and the U.S. For more information on this transaction and to view Avectas’ press release, please click here.