Proceeds from the financing will be used to broaden and improve the company’s offerings and for operational expansion across facilities, quality, and commercial.

CAMARILLO, Calif., Jan. 6, 2025 /PRNewswire/ — PBS Biotech (“PBS”), a provider of innovative single-use bioreactor systems and bioprocess development services, has secured $17 million in follow-on growth capital from Avego Management, LLC (“Avego”) and BroadOak Capital Partners (“BroadOak”). This investment will accelerate PBS’ new product innovation, process development services, and quality system improvements, further advancing the cell therapy industry and helping their customers bring life-saving therapies to market faster.

The company is also expanding its ISO 9001:2015 manufacturing capacity, which will be completed by mid-2025, to support more than $100 million in annual revenue and to demonstrate readiness to meet customers’ demands as they scale up from clinical trials to regulatory approval and commercialization.

PBS is excited to welcome Terrell Mathews as Chief Commercial Officer and Erik Wiberg as Chief Financial Officer. Terrell brings over 20 years of global customer experience in sales and marketing, while Erik offers more than 25 years of financial leadership in life sciences and technology. Their combined experience at organizations such as Danaher, Thermo Fisher, Gyros Protein Technologies, and Resolve Biosciences will propel PBS’ strategic growth and strengthen its market position while also increasing customer support through geographic expansion and new product and applications development.

“These significant milestones mark an exciting phase for PBS Biotech,” said Dr. Brian Lee, CEO of PBS. “The continued support of Avego and BroadOak underscores the confidence of existing investors in our technology and market potential. Additionally, the appointments of Terrell and Erik bring unparalleled expertise and leadership to our executive team as we scale our business to meet the growing demands of the cell and gene therapy industry.”

PBS’ Vertical-Wheel^® bioreactors have demonstrated superior performance for production of therapeutic cells designed as regenerative medicines for conditions like diabetes, cancer, and heart disease. PBS serves companies developing the next generation of cell therapies, with the ultimate focus on benefiting the end patients who are in desperate need of more effective treatments than the ones currently available in the marketplace.

About PBS Biotech (“PBS”)

PBS Biotech is a leading manufacturer of single-use bioreactor systems and provider of process development services. PBS’ bioreactors utilize proprietary Vertical-Wheel^® technology to create homogeneous and scalable mixing conditions for a variety of sensitive cell therapy products and cell culture applications. PBS Biotech’s vision is to become the world’s standard manufacturing platform for allogeneic cell-based therapies. To learn more, visit pbsbiotech.com.

About Avego Management, LLC (“Avego”)

Avego, founded in 2015 by former healthcare entrepreneurs, is a multi-strategy healthcare-focused investment firm with offices in New York and Georgia. Through its three strategies, which include private equity, venture capital, and a long/short fund, Avego invests in private and public companies developing and commercializing innovative products and services for patients, practitioners, and other stakeholders across the healthcare continuum. To learn more about Avego, visit avego.com

About BroadOak Capital Partners (“BroadOak”)

BroadOak Capital Partners is a life science focused, boutique financial institution that provides direct investment and investment banking services to companies in the research tools and consumables, diagnostics, and biopharma services sectors. BroadOak has led or participated in investments in over 70 companies across multiple funds and investment vehicles. To learn more about BroadOak, visit broadoak.com

Learn more about PBS Biotech at www.PBSBiotech.com

SOURCE PBS Biotech Inc.

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