Elektrofi has secured funding to support the advance of candidates based on its drug delivery technology into the clinic. Having landed deals with companies including Argenx and Takeda, the biologics delivery specialist has raised $40 million to establish a GMP manufacturing line and double its headcount.
Boston-based Elektrofi is built on a platform for creating stabilized, highly concentrated biologics. Using its microparticle technology, the company aims to develop small-volume formulations of large molecules such as monoclonal antibodies and therapeutic proteins. In doing so, Elektrofi could enable the delivery of biologics using prefilled syringes, pen injectors and autoinjectors that improve patient convenience.
Investors see potential in the delivery approach. Marshall Wace and BVF Partners stepped up to co-lead the series B round, with participation from Janus Henderson Investors and Logos Capital helping drive the total haul up to $40 million.
Elektrofi will use the funding to establish a centralized GMP manufacturing line to support a clutch of clinical trials that are on the horizon. The company also plans to double its head count over the next 12 to 18 months as it seeks to build out a team capable of accelerating the development of its pipeline of licensed programs with pharma and biotech partners.
“This financing sets the stage for advancement of multiple lead programs to human trials, clinical validation of Elektrofi’s high concentration technology, and pipeline expansion in response to significant inbound platform interest,” Elektrofi CEO Chase Coffman said in a statement. “We view this as a foundational step on our journey to making a meaningful difference for patients and their loved ones.”
The series B round follows deals with Argenx, Takeda and Leo Pharma that positioned Elektrofi to apply its technology to plasma therapies, subcutaneous skin health products and self-administered, at-home anti-FcRn drugs.