Forge Biologics Closes $80 Million in Additional Financing to Accelerate Planned CDMO Expansion
– $80 Million non-dilutive credit facility with MidCap Financial to support the expansion of new client offerings, platform development, and buildout acceleration
– Grant received from the State of Ohio to accelerate workforce expansion culminating in over 400 employees over three years
– Manufacturing facility in Columbus, OH will increase to over 200,000 square feet
– 20 cGMP suites will be available in 2022 utilizing 50, 500, 1,000, and 5,000L bioreactors, with additional cGMP suites planned
COLUMBUS, Ohio--(BUSINESS WIRE)-- 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.
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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
Marina Corleto, M.N.O.
Senior Manager, Marketing and Communications
Families and Clinician Inquiries
Maria Escolar, M.D., M.S.
Chief Medical Officer
Magdalena Tyrpien, M.B.A.
Senior Vice President, Head of Business Development
John Maslowski, M.S.
Chief Commercial Officer
Christina Perry, M.S.A., C.P.A.
Senior Vice President, Finance and Investor Relations
Source: Forge Biologics