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

Altasciences Chosen by Virpax Pharmaceuticals, Inc. to Conduct First-in-Human Study of Epoladerm™ for Chronic Pain Associated with Osteoarthritis of the Knee21.1.2022 17:00:00 CET | Press release

Altasciences is pleased to have been chosen by Virpax® Pharmaceuticals, Inc. (“Virpax”) (NASDAQ:VRPX) to conduct a first-in-human study of Epoladerm™ (diclofenac epolamine) for chronic pain associated with osteoarthritis of the knee. This treatment is supplied in a pre-filled device for administration as a topical spray film. The study will be conducted in Q2 2022 at Altasciences’ clinical pharmacology unit in Montreal, Canada. “We look forward to working with Altasciences to accelerate the development of this analgesic treatment and provide robust data in support of the 505(b)(2) FDA approval pathway,” stated Virpax’s Chairman & CEO, Anthony P. Mack. Virpax’s proprietary technology provides a pre-filled canister for the therapeutic application of a clear, fast-drying spray film that is thinner than a standard liquid bandage. This technology offers convenience and eliminates the need for messy creams or gels. Altasciences leverages decades of experience conducting first-in-human clinic

OMRON Healthcare Remote Patient Monitoring Services Win “Best of” Honors at CES 202221.1.2022 16:21:00 CET | Press release

OMRON Healthcare, Inc., the global leader in remote blood pressure monitoring and personal health technology, spotlighted its new remote patient monitoring services at the 2022 Consumer Electronics Show (CES) and won “Best of” honors for its offerings in the U.K. and U.S: Hypertension Plus by OMRON in the U.K. was selected as a TWICE Picks Awards winner for the 2022 TWICE, Residential Systems and TechRadar Pro Picks Awards VitalSight™ by OMRON in the U.S. was recognised as an INSIDER “Best of” CES selection These remote patient monitoring services gained recognition at the world’s largest innovation show as breakthrough health technology designed to foster greater active health condition management, strengthen the patient-physician connection, and guide behavior change to reduce health risks, while advancing the company’s mission of Going for Zero heart attacks and strokes. “OMRON developed Hypertension Plus as the first step toward transforming chronic care in the U.K., while VitalSig

Schlumberger Announces Fourth-Quarter and Full-Year 2021 Results21.1.2022 12:50:00 CET | Press release

Schlumberger Limited (NYSE: SLB) today reported results for the fourth-quarter and full-year 2021. Fourth-Quarter Results (Stated in millions, except per share amounts)Three Months EndedChangeDec. 31, 2021Sept. 30, 2021Dec. 31, 2020SequentialYear-on-yearRevenue* $6,225 $5,847 $5,532 6% 13% Income before taxes - GAAP basis $755 $691 $471 9% 60% Net income - GAAP basis $601 $550 $374 9% 61% Diluted EPS - GAAP basis $0.42 $0.39 $0.27 8% 56% Adjusted EBITDA** $1,381 $1,296 $1,112 7% 24% Adjusted EBITDA margin** 22.2% 22.2% 20.1% 2 bps 208 bps Pretax segment operating income** $986 $908 $654 9% 51% Pretax segment operating margin** 15.8% 15.5% 11.8% 31 bps 401 bps Net income, excluding charges & credits** $587 $514 $309 14% 90% Diluted EPS, excluding charges & credits** $0.41 $0.36 $0.22 14% 86% Revenue by Geography International $4,898 $4,675 $4,343 5% 13% North America* 1,281 1,129 1,167 13% 10% Other 46 43 22 n/m n/m $6,225 $5,847 $5,532 6% 13% *Schlumberger divested certain businesses i

ZuluTrade - World’s Largest Social Trading Platform Joins the Finvasia Group21.1.2022 12:08:00 CET | Press release

ZuluTrade is strongly positioned to become the biggest and the largest broker neutral social trading platform with acquisition by Finvasia Group. 2022 will see ZuluTrade strengthening its current capabilities and widen its product line by venturing into different markets and financial instruments. The expansion will include contemporary asset classes like cryptocurrencies and traditional asset classes like stocks and bonds. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220120005780/en/ ZuluTrade - World’s Largest Social Trading Platform Joins the Finvasia Group (Graphic: Business Wire) ZuluTrade has been at the forefront of copy trading for more than a decade and has helped over a million investors across more than 100 countries trade a volume of over USD 2 trillion. ZuluTrade 2.0 Future plans include launching a more engaging social investing platform with enhanced social and technology features, built on ZuluTrade’s curre

Ipsen Nominates Karen Witts as New Independent Board Member21.1.2022 07:00:00 CET | Press release

Regulatory News: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220120006035/en/ Karen Witts (Photo: Business Wire) Ipsen (Euronext: IPN; ADR: IPSEY) announced today the nomination of Karen Witts to its Board of Directors as independent member. Karen Witts was Group CFO at Compass Group Plc until October 2021. Compass is the world’s leading food service company, operating in 43 countries and employing more than 500k people. She was responsible for corporate strategy and planning, business performance management and reporting, financial reporting and control, tax and treasury activities, M&A, internal audit and enterprise risk management, investor relations, and led the digital and technology function. Prior to this, Karen was Group CFO at Kingfisher Plc, the international home improvement company. She has also held various senior strategic finance positions at companies including Vodafone Group Services Ltd, and BT Plc. She

Peru Is Presenting Itself at FITUR 2022 as a Bio-safe Destination, Committed to Outdoor Experiences21.1.2022 02:48:00 CET | Press release

Peru is in attendance at the 42nd edition of FITUR 2022 to position itself as a safe and ready destination for international travellers, motivating them to rediscover the South American country, reported the Comisión de Promoción del Perú para la Exportación y el Turismo [Peruvian Export and Tourism Promotion Commission] (PROMPERÚ). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220119005812/en/ Inauguration of the Peru stand at FITUR 2022 by the executive president of PROMPERÚ, Amora Carbajal. ©PROMPERÚ In line with its promotion and recovery strategy, Peru is presenting a delegation made up of 19 co-exhibitors in order to show off the best of its tourist offering in the nature, adventure and culture segments. Likewise, it announced its collaboration with the Asociación Española de Agencias de Incentivos – IdeMICE, in order to enhance the attributes of the destination in this segment. In addition, the executive president of

McAfee Continues to Provide Leading Online Protection to Consumers21.1.2022 02:40:00 CET | Press release

Today, McAfee Corp. (NASDAQ: MCFE, “McAfee”), a global leader in online protection, provided an update regarding its pure-play consumer offering and the previously announced divestiture of its enterprise business. In July 2021, McAfee completed the sale of its enterprise business. This transaction allowed McAfee to singularly focus on its consumer business and accelerate its strategy to be the leader in online protection for consumers. “McAfee continues to safeguard the privacy, security and identity of our consumers as the digital world evolves rapidly,” said Gagan Singh, Executive Vice President & Chief Revenue and Product Officer, McAfee. “We continue to stand firm that meaningful protection is a personal right for consumers and have recently rolled out major updates and industry firsts, including McAfee Total Protection and Protection Score, that look out for consumers online, including their privacy and identity.” The McAfee Enterprise business was purchased by Symphony Technology