Singapore-based drug manufacturer GDMC secures US$21 million Series A funding
Michelle Zhu
GENETIC Design and Manufacturing Corporation (GDMC), an advanced therapy drug manufacturer headquartered in Singapore, has raised US$21 million in Series A funding led by Hong Kong private equity firm Celadon Partners.
Advanced therapy drugs are biological medicines based on genes, tissues or cells, with the potential to treat human diseases and injuries.
On Wednesday (Jan 24), GDMC said Enterprise Singapore’s investment arm Seeds Capital also participated in the round, along with biotech capital firm NSG Ventures and US-based venture capital firm WI Harper Group.
The company intends to use the funds to “accelerate novel technology and process efficiency improvements to drive greater manufacturing cost reductions for partners who aim to advance medicines through clinical trials and towards commercialisation”.
In Singapore, it is constructing a 155,000 square foot pre-clinical, clinical and commercial facility for cell, gene and nucleic acid therapies.
It is taking reservations for its clinical and commercial facilities which are expected to open in stages from 2024 to 2027.
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GDMC added that its team has already signed the company’s first clients.
The company was established in 2021 and is led by chief executive and co-founder Michael Koeris.
It focuses on a “partnership approach” to improve genetic medicine design and development using synthetic biology. This design-based approach can help reduce manufacturing time, said the company.
To date, GDMC has developed a “partnership for drug manufacturing organisation” model that offers support to companies, including startups, in areas ranging from drug design and manufacturing to quality assurance and regulatory support for eventual market entry.
The company also aims to manufacture advanced therapy modalities such as customised messenger RNA, plasmid DNA, and lentiviral vectors.
Tan Kaixin, general manager of Seeds Capital, said she sees GDMC as a key ecosystem enabler in allowing Singapore to eventually grow a critical mass of startups producing genetic medicine, and move towards personalised healthcare and precision medicine.
“Next-gen genetic therapies is a fast-growing space with much potential, globally and in Singapore, where we see a growing pool of early-stage biotechs requiring resources and expertise to move into clinical development,” she noted.
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