Business Wire

Forge Biologics Closes $80 Million in Additional Financing to Accelerate Planned CDMO Expansion

Share

Forge Biologics, a gene therapy-focused contract development and manufacturing organization, announced today 2022 manufacturing expansion plans to meet the growing demand for gene therapy manufacturing. The expansion will coincide with an accelerated increase in headcount and expansion of The Hearth facility in Columbus, Ohio, both aided by continued investments in the company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220110005303/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

The Hearth, Forge Biologics (Photo: Business Wire)

Forge has entered into a secured financing agreement with MidCap Financial that provides up to $80 million of borrowing capacity. This non-dilutive financing will support the facility expansion and new client offerings to be announced in 2022.

“We are excited to deliver on our goal of offering our clients expanded manufacturing capacity, while providing access to some of the largest suspension bioreactors available in the industry,” said Timothy J. Miller, Ph.D., Chief Executive Officer, President, and Co-Founder of Forge. “This increased scale, combined with our automated fill-finish capabilities, positions Forge as an ideal partner for clients moving beyond the clinic to commercial launch and supply, particularly those needing to manufacture cGMP AAV.”

The larger scale bioreactor capacity available for clients will be supported by continued growth in staffing as the company grows towards 400 employees, which will now be accelerated by a grant received from the State of Ohio to support new hires over the next three years.

“Forge Biologics is a pioneering company established and rapidly growing right here in Ohio,” said JobsOhio President and CEO, J.P. Nauseef. “The world-class researchers, talent and investors in Ohio have created an environment where Forge can develop life-changing gene therapy advancements that can positively impact lives worldwide.”

Forge initiated the facility expansion in 2021 and is increasing the overall manufacturing footprint of the company to over 200,000 square feet of facility space, including 20 cGMP manufacturing suites, with the ability to add more suites in the current facility in the future.

The ongoing facility expansion significantly increases the number and capacity of Forge’s bioreactors, including installation of 5,000L cGMP bioreactors for large-scale client needs in clinical and commercial programs for use with Forge’s proprietary suspension HEK 293 IgnitionTM cell line. The expansion also adds automated cGMP fill-finish capabilities to Forge’s offerings, designed with a cleanroom background classification that meets European Medicines Agency requirements for late-stage clinical and commercial filling needs. Both the 5,000L bioreactors and automated filling systems are expected to be available for client use in the second half of 2022.

The additional funding brings Forge’s total financing to approximately $240 million. Forge previously secured $160 million in two prior rounds with the closing of a $40 million Series A financing in July 2020, and a $120 million Series B round in April of 2021.

As previously reported, Forge is virtually presenting at the 40th Annual J.P. Morgan Healthcare Conference scheduled for January 11, 2022, at 10:00 a.m. ET. The presentation will be available on our website at https://www.forgebiologics.com/news/#events immediately following the presentation and for 30 days thereafter.

About Forge Biologics

Forge Biologics is a hybrid gene therapy contract manufacturing and clinical-stage therapeutics development company. Forge’s mission is to enable access to life changing gene therapies and help bring them from idea to reality. Forge has a 200,000+ square foot facility in Columbus, Ohio, The Hearth, to serve as its headquarters. The Hearth is a custom-designed cGMP facility dedicated to AAV vector manufacturing and will host end-to-end manufacturing services to accelerate gene therapy programs from preclinical through clinical and commercial stage manufacturing. By taking a patients-first approach, Forge aims to accelerate the timelines of these transformative medicines for those who need them the most. To learn more, visit www.forgebiologics.com

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Inquiries
Marina Corleto, M.N.O.
Senior Manager, Marketing and Communications
media@forgebiologics.com

Families and Clinician Inquiries
Maria Escolar, M.D., M.S.
Chief Medical Officer
medicalaffairs@forgebiologics.com

Business Development
Magdalena Tyrpien, M.B.A.
Senior Vice President, Head of Business Development
BD@forgebiologics.com

Client Development
John Maslowski, M.S.
Chief Commercial Officer
CD@forgebiologics.com

Investor Relations
Christina Perry, M.S.A., C.P.A.
Senior Vice President, Finance and Investor Relations
Investors@forgebiologics.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Xlear Files Amended Answer to the Government’s Lawsuit on COVID-19 Statements; Provides Still More Data In Support of Xlear’s Use as Additional Layer of Protection15.8.2022 19:42:00 CEST | Press release

Xlear has filed an Amended Answer in response to the U.S. Government’s lawsuit against the company. According to Nathan Jones, Xlear’s CEO, the Amended Answer serves three main purposes: First, it provides the Court with still more data that supports the statements Xlear made that nasal hygiene is an additional layer of protection in fighting COVID-19, that our public health officials are ignoring; Second, it lays out in greater detail how the U.S. Government’s lawsuit is an effort to censor science that doesn’t comport with the Government’s vaccine-myopic, failing strategy to combat the disease; Third, it documents how experts, including Dr. Fauci, are increasingly saying the nose is the critical place to fight the virus. Xlear’s Amended Answer provides two new studies that support the statements Xlear made about the use of its nasal spray as a potential additional layer of protection against COVID-19: A new in vitro study found that use of a simple saline solution stops SAR-CoV2 vira

Energy Vault and Jupiter Power Announce Agreement for Battery Energy Storage Projects in Texas and California Totaling 220 MWh15.8.2022 14:00:00 CEST | Press release

Energy Vault Holdings Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, and Jupiter Power (“Jupiter”), a leading battery energy storage developer and owner/operator of utility-scale battery energy storage projects in the United States, today announced the signing of two contracts whereby Energy Vault will supply equipment, engineering, procurement, construction, balance of plant services and the energy management software for two of Jupiter’s battery energy storage projects. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220815005206/en/ The projects include a 100 MW (200 MWh) battery energy storage system near Fort Stockton, Texas, which will provide energy and ancillary services to ERCOT, and a 10 MW (20 MWh) system in Carpinteria, California, to provide grid services through participation in the CAISO Resource Adequacy program as well as energy resiliency in

euNetworks Delivers Sustainability Progress in Europe15.8.2022 09:50:00 CEST | Press release

euNetworks Group Limited (“euNetworks”), a Western European bandwidth infrastructure company, continues to make strides in its sustainability efforts in Europe, both signing up to commitments and making meaningful and sustainable progress towards those targets. euNetworks joined The Climate Pledge in February 2022, setting 1.5°C-aligned science-based targets across Scopes 1, 2 and 3 and committing to being carbon net zero by 2040. The company has embedded its commitments in its company values and these drive the teams’ behaviour and form the basis by which the business operates. euNetworks has also developed and launched its Network Construction Carbon Tool to identify carbon hotspots, assess the incremental carbon impact of new projects, and reduce emissions across its supply chain. The impact of this tool is significant, as euNetworks owns and operates networks across 53 cities in 17 countries in Europe. This press release features multimedia. View the full release here: https://www.

A New Chapter in IT Services: Lenovo PCCW Solutions Starts First Day of Operation as a New Company15.8.2022 02:59:00 CEST | Press release

Today marks the first day of operation for Lenovo PCCW Solutions Limited1, the new strategic partnership between Lenovo Group (HKSE: 992) (ADR: LNVGY) and PCCW (HKSE: 0008) set to capitalize on the estimated US$320 billion Asia IT services market. The new company provides one-stop customer solutions that integrate IT services, devices, and digital infrastructure, and empowers clients to transform their businesses and operations with technology – from managing complex integrations to enhancing competitiveness with innovative applications. Through the partnership, the company benefits from Lenovo’s global footprint in more than 180 markets, broad portfolio of end-to-end solutions, solid pedigree in innovation, and strong go-to-market and delivery capabilities. Ken Wong, Executive Vice President of Lenovo and President of Lenovo Solutions and Services Group, said, “The partnership marks an important milestone in Lenovo’s service-led transformation journey since the formation of our Soluti

Dubai Electricity and Water Authority PJSC announces AED 12.08 billion revenue and 3.30 billion net profit in the first half of 202213.8.2022 09:59:00 CEST | Press release

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), today reported its second quarter 2022 financial results, recording quarterly revenue of AED 7.01 bn and net profit of AED 2.61 bn. For the first half of 2022, DEWA’s revenue is AED 12.08 bn and net profit is AED 3.30 bn. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220812005416/en/ Dubai Electricity and Water Authority PJSC announces AED 12.08 billion revenue and 3.30 billion net profit in the first half of 2022 (Photo: AETOSWire) DEWA’s first half revenue increase of 15% to AED 12.08 bn was mainly driven by an increase in energy and water demand in Dubai. During the first half of 2022 energy demand increased by 6.3% and water demand by 6.4% compared to the same period in 2021. Revenue of DEWA’s majority owned subsidia