December 1, 2022
Funding enables August Bio to add capacity for large batch sterile pharmaceutical manufacturing
August Bioservices, LLC (“August Bio”), a pharmaceutical contract development and manufacturing organization (CDMO) providing drug discovery, development and pharmaceutical manufacturing services, today announced that it secured $65 million in Series B funding led by Oak HC/FT, who led the Series A in July 2020. This round includes participation from existing investor, Polaris Partners.
The new funding will be used to expand August Bio’s capacity to meet the growing development and manufacturing needs of its current customers and new customers. The company will add an additional sterile injectable filling suite to support high-speed liquid vial filling. This expansion will add incremental capacity for production of large batches, enabling August Bio to meet the pharmaceutical manufacturing needs for customers of all sizes. In addition, the company will fully automate downstream inspection, labeling and packaging processes in support of the increased throughput.
“This round is a testament to our support of August Bio’s plans to deliver greater impact through the expansion of high-quality aseptic fill/finish capacity,” said Andrew Adams of Oak HC/FT. “As demand increases for U.S.-based sterile injectable manufacturing, investment in companies like August Bio, with a rigorous commitment to quality, is essential.”
“This funding will enable August Bio to serve larger scale biopharmaceutical customers from our Nashville facility and to more significantly meet our customers’ growing demand for sterile manufacturing. Ultimately, we will be better resourced to deliver critical medications to patients who need them,” said Jenn Adams, CEO of August Bio. “We are excited about the opportunity to scale our manufacturing capacity and we appreciate the continued support from our investors.”
About August Bioservices
Headquartered in Nashville, TN, August Bioservices, LLC is a high-tech, growth-focused, and innovative provider of Contract Research, Development and Manufacturing services, that plays a crucial role in the global pharmaceutical industry supply chain. August Bioservices partners with biopharmaceutical and biotech companies to provide a wide array of services that help to accelerate the advancement of novel therapeutics along the drug development pathway.
For more information about August Bio’s full line of services: www.augustbio.com.
About Oak HC/FT
Oak HC/FT is a venture and growth equity firm investing in companies driving transformation in healthcare and fintech, two uniquely complementary and high-growth sectors. With deep domain expertise and strategic resources, Oak HC/FT partners with leading entrepreneurs at every stage, from seed to growth, to build businesses that make a measurable, lasting impact on these industries. Founded in 2014, the firm has $5.3 billion in assets under management and is headquartered in Stamford, CT, with investors in San Francisco and Boston. Follow Oak HC/FT on Twitter and LinkedIn and learn more: www.oakhcft.com