ALPHA BIOLOGICS SECURES FURTHER $3 MILLION IN LATEST FUNDING ROUND
Farnham, Surrey, UK: 20 November 2006
Alpha Biologics Sdn Bhd, the UK and Malaysian-based contract manufacturer of biologics drugs, is pleased to announce that it has successfully raised $3 million through its latest funding round.
The capital, all of which has come from Pequot Capital Management, Inc, in the US, will help support current commercial discussions and the on-going construction of the company’s $18 million, 5,000 sq metre manufacturing facility in Penang.
With $3 million already raised earlier this year, this latest funding round brings the total raised by Alpha Biologics in 2006 to $6 million. The company’s main investors now include SpringHill BioVentures Sdn Bhd, Asiaprise Biotech Sdn.Bhd and Pequot.
The completion of the latest funding round coincides with the official visit by Tan Sri Dr Koh Tsu Koon on 20 November to view Alpha Biologics’ soon to be completed facility on the Penang Biotech Park.
Established in 2003 with the support of the Penang Development Corporation (PDC) and Malaysian Industrial Development Authority (MIDA), Alpha Biologics is set to become one of the leading players in Malaysia’s emerging life sciences industry. The company will provide biopharma and pharma companies with the opportunity to take biologic drugs through pre-clinical, phase 1 and phase 2 trials with a strong emphasis on cost efficiency. Alpha Biologics will specialise in the production of mammalian cell secreted protein drugs, providing all of the necessary services required to develop and produce drugs in full compliance with US and European cGMP guidelines.
Construction of the facility’s external shell was finished in October 2006 with clean room installation due to commence in November. The facility is scheduled for completion with all bioprocess equipment installed mid-2007. Further validation and qualification will continue with the facility becoming fully operational by the end of 2007.
Commenting on the latest successful funding round, Simon Saxby, Chief Executive at Alpha Biologics, said: “I am especially pleased to welcome such a high quality investor to the company. Pequot has considerable presence in worldwide life science investments. This is a particularly significant move for Alpha Biologics. It provides us with additional financial security as we draw towards the end of the construction phase of the Penang facility.
ABOUT ALPHA BIOLOGICS
Alpha Biologics is a contract manufacturer of biologics drugs for use in preclinical, Phase1 and 2 clinical trials, anywhere in the world. Established with the support of the Malaysian Government in 2003, the company’s main 5,000 sq metre manufacturing unit is based in purpose-built cGMP compliant facilities on the Penang Biotech Park on the island of Penang in Malaysia. Its European base is located in Cambridge, UK.
The company specialises in the production of mammalian cell secreted protein drugs. On the completion of its Penang facility in 2007, Alpha Biologics will provide all of the necessary services required to develop and produce drugs in full compliance with U.S. and European cGMP guidelines. Alpha Biologics will be able to offer biopharma and pharma companies significant cost advantages due to the significantly lower overhead costs compared with Europe and the US, whilst maintaining the highest standards of compliance.
The company's core team, led by Chief Executive Simon Saxby, has extensive experience of designing, building and operating cGMP compliant facilities for biologic drugs in the US and Europe. This core team has been strengthened by internationally trained and experienced staff from the world-wide biologics industry and academia.
ABOUT PEQUOT CAPITAL MANAGEMENT
Founded in 1986, Pequot Capital Management, Inc. is a US registered investment adviser. It has approximately $7.3 billion in assets under management including equity, credit and private equity. It has investments in all major global markets including the United States, Europe, South East Asia, Japan, Latin America, South America, and India. The company has over 280 employees with offices in Connecticut, New York, Massachusetts, California, London and Tokyo.
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