ElevateBio, a Cambridge, Mass.-based biotech startup that has been in "stealth mode" since its 2017 founding, officially launched this week with $150 million in Series A funding.
The company also unveiled its business model, which will see it operating as something of an incubator for cell and gene therapy companies. ElevateBio will provide the companies in its portfolio access to scientists, manufacturing facilities, drug development processes and commercialization guidance.
These services will be accessible at ElevateBio's two BaseCamp hubs, which house research and development, process development, laboratory and manufacturing facilities. The first BaseCamp is located in Cambridge, with a second under construction in Waltham, Mass.
"In the field of cell and gene therapies, as well as regenerative medicine products, the lack of high-quality process development and manufacturing capability is among the most significant barriers to moving these therapies forward," Mitchell Finer, PhD, the startup's chief scientific officer, said in a statement. "Together, we are reducing inefficiencies that drain capital and delay new therapies, so that we can rapidly and successfully move novel candidates from concept to commercialization."
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