ROCKVILLE, Md., April 29, 2019 /PRNewswire/ -- Vigene Biosciences, Inc ("Vigene") a leading provider of viral vector products and services used in gene therapy, has completed a substantial growth capital financing transaction. The investment was made by Signet Healthcare Partners ("Signet"), a New York based growth equity firm specializing in healthcare investments.
The growth capital will be used to support Vigene's expansion into a new facility to support the growing demand for viral vector and plasmid production in the rapidly expanding fields of cell and gene therapy. Construction of the new facility, located in Rockville, Maryland, is set to be completed mid-2019 and will increase Vigene's office, laboratory and cGMP production space by 51,000 sq. ft. The most notable additions from the expansion are 5 state-of-the-art cGMP viral manufacturing suites, which will increase Vigene's cGMP production facilities to 10 suites with over 30,000 sq. ft. of cGMP space.
Vigene CEO Dr. Zairen Sun said, "We are very excited to receive this investment, which will allow us to accelerate the growth of our business. Signet Healthcare Partners is an ideal partner in further developing Vigene as a leader in the Contract Development and Manufacturing Organization (CDMO) space for viral vector cGMP production. The new facility and equipment will allow us to innovate and meet production demands as the fields of gene and cell therapy continue to advance."
Concurrently with the financing, Ashley Friedman, Managing Director at Signet Healthcare Partners, will join the board of directors at Vigene. "I believe the company is well positioned to capitalize on the rapidly evolving field of gene therapy. Signet looks forward to a close collaboration with Dr. Sun and the leadership team at Vigene," said Ashley Friedman. Additionally, Jeffrey M Ostrove, Ph.D. will be joining Vigene as an Independent member of the board of directors. Dr. Ostrove is a biotechnology executive with extensive experience in gene therapy, both on the drug development and CDMO side of the business. Dr. Ostrove is currently the CEO of Locana Inc. "There is a great need for additional contract manufacturing and support services in the fields of cell and gene therapy as the FDA predicts there will be over 200 Investigational New Drug applications filed over the next 2 years which represents a substantial expansion of the field and Vigene is poised to support that effort," stated Dr. Ostrove.
Shulman Rogers Gandal Pordy & Ecker, P.A., acted as legal counsel for Vigene and Sheppard, Mullin, Richter & Hampton LLP acted as legal counsel for Signet Healthcare Partners.
About Vigene Biosciences
Founded in 2012, Vigene Biosciences is an award-winning leader in viral vector-based gene delivery for both life science research and gene therapy applications with the mission to make gene therapy affordable. Vigene offers cGMP as well as research-grade production of plasmid, AAV, lentivirus, adenovirus, and other viruses with proven technologies that comply with FDA and EMA guidelines. In 2018, Vigene ranked 81st on the Inc. 5000 list and was named the ACG Emerging Company of the Year. For more information, visit https://vigenebio.com/.
About Signet Healthcare Partners
Signet Healthcare Partners ("Signet") is an established provider of growth capital to innovative healthcare companies. Signet invests in commercial-stage healthcare companies that are revenue generating or preparing for commercial launch. The firm's focus has primarily been on the pharmaceutical sector and medical technology companies. Signet maintains a disciplined, yet flexible investment approach. As an active investor, Signet partners closely with its companies to build their value including facilitating activities between portfolio companies. During Signet's 18-year history, it has developed a strong reputation and track record of successful investments. Signet has raised four funds with total capital commitments of over $400 million and has invested in more than 45 companies. For more information, visit www.signethealthcarepartners.com.
For more information please contact:
Jeffrey Hung, Ph.D.
Chief Commercial Officer
Signet Healthcare Partners
SOURCE Vigene Biosciences