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Laureate Pharma Secures $20 Million to Enhance and Grow Biopharmaceutical Contract Manufacturing Business
Date:10/6/2010

PRINCETON, N.J., Oct. 6 /PRNewswire/ -- Laureate Pharma, Inc., a full-service contract development and manufacturing organization today announced that it has secured $20 million in debt and equity financing to enhance and grow its business.  

Building on nearly 30 years of experience in the development and supply of protein drug products produced from mammalian cell culture, Laureate Pharma will be able to better serve its clients by accelerating their timelines from development through production.

"Today marks a significant milestone in our efforts to relaunch Laureate Pharma," said Michael A. Griffith, Chief Executive Officer.  "Our strategically planned improvements coupled with our solid financial footing will position us for exceptional growth."

Mr. Griffith continued, "As we transform Laureate, care will be taken to maintain continuity of client services.  Quality Assurance will oversee investment activities to ensure our offerings comply with the strict demands of global regulatory agencies."

The new funds will be used to drive five investment initiatives over a three-year period and will provide a more robust portfolio of services to better serve customers' needs and include:

  • Upgrading  aseptic fill capabilities through the construction of a new segregated fill suite and the installation of a new fully-automated fill line incorporating vial washing, depyrogenation, filling, and capping.  All product contact pathways of the new line will be single-use disposable. Commissioning is planned for early 2012.
  • Upgrading protein production services to increase bioreactor (2000L) and purification (10L chromatography skid) capacity, new gowning rooms, renovated purification suites and additional support utilities.
  • Launching a contract analytical testing business to serve a broader client base including clients who do n
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SOURCE Laureate Pharma, Inc.
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