Healthcare Industry News: Oncobiologics
News Release - July 27, 2015
Oncobiologics Secures $31 Million Financing to Advance BioSymphony(TM) Platform Development and Monoclonal Antibody Biosimilars PipelineCRANBURY, N.J., July 27, 2015 -- (Healthcare Sales & Marketing Network) -- Oncobiologics, Inc., announced the closing of a $31 million financing. Proceeds will be used to support continued development and expansion of the company's proprietary BioSymphony™ biosimilar platform and advancement of its preclinical and clinical programs.
The investment round was led by new investor, Perceptive Advisors. Participating new investors included Cormorant Global Healthcare Master Fund, Longwood Capital Partners, and venBio Select Fund. Other investors included Proximare Lifesciences Fund, OSSB Pharma Fund and MIH Fund. Citigroup and Jefferies LLC advised Oncobiologics on the transaction.
"Biosimilars are rapidly becoming a major growth sector for Life Sciences Industry and our proprietary BioSymphony platform is uniquely designed to develop and manufacture high quality, cost effective monoclonal antibodies in a timely manner," said Pankaj Mohan, Ph.D., founder and chief executive officer of Oncobiologics. "We highly value the significant interest, confidence and financial support of such a successful group of life science investors, which enables us to further our objective of bringing critical care therapeutics to patients in a cost effective manner."
Joseph Edelman, chief executive officer and portfolio manager of Perceptive Advisors said, "We look for life science technologies, products and a team with scientific competence that has the potential to generate significant returns to our fund. Oncobiologics has an advanced and deepening biosimilar pipeline emerging from a fully-integrated technology platform that will differentiate the company in a growing and potentially competitive biosimilar market. We look forward to contributing to the company's growth in this important segment of the biotechnology industry."
About Oncobiologics, Inc. and BioSymphony™ Model
Oncobiologics is a privately-held biopharmaceutical company focused on developing and commercializing monoclonal antibody biosimilar therapeutics. It is advancing its pipeline of 11 biosimilar products, two of which are currently in clinical development. Led by a team of biopharmaceutical experts, Oncobiologics operates from a state-of-the-art 50,000 sq. ft. fully-integrated R&D and manufacturing facility in Cranbury, NJ. The company employs its BioSymphony™ biosimilars business model to achieve accelerated development and technical excellence in order to create affordable medicines for patients around the world. The aggregate market value at time of patent expiry for the molecules in Oncobiologics' pipeline is projected to be in excess of $100 Billion. For more information, please visit www.Oncobiologics.com.
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