EDBI, Vertex Ventures invest in US cell and gene therapy startup ElevateBio

SINGAPORE'S EDBI and Vertex Ventures have participated in the US$170 million Series B round for ElevateBio, which builds and operates a portfolio of cell and gene therapy companies.

EDBI, the investment arm of Singapore's Economic Development Board, and Temasek-backed Vertex Ventures are both first-time investors in the US-based startup.

Other new investors include US private equity firms The Invus Group and Surveyor Capital. Existing investors which also participated in the round are F2 Ventures, MPM Capital, EcoR1 Capital, Redmile Group and Samsara BioCapital.

The fresh capital will allow its centralised 140,000 square foot innovation and manufacturing hub, BaseCamp, to become fully operational with manufacturing that complies with Food and Drug Administration regulations in the US. BaseCamp provides cell and gene expertise for ElevateBio's portfolio companies and strategic partners.

The startup will also use the Series B proceeds to start clinical studies for at least six cell and gene therapies across its portfolio companies in 2020 and 2021, and to continue the development of ElevateBio's technology platforms.

As ElevateBio expands its footprint globally, the startup is suited to partner biotech companies and academic centres in Asia to discover and develop novel therapies to treat cancers and rare diseases, said Chu Swee Yeok, EDBI chief executive officer and president.

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Meanwhile, AlloVir, one of ElevateBio's portfolio companies, recently announced it is working with Baylor College of Medicine to discover and develop a coronavirus-specific T-cell therapy for immunocompromised patients at risk for Covid-19, the disease responsible for the current pandemic.