M&G Investments Backs Innovative Biotech with Major Funding
LONDON – M&G Investments has announced a landmark investment, leading a $50 million Series C funding round for bit.bio, a pioneering biotech firm known for its groundbreaking human cell programming technology. This funding aims to not only accelerate bit.bio's growth but also to highlight the vibrant innovation ecosystem present in the UK biotech sector.
Empowering Drug Development and Global Operations
The infusion of capital is strategically aimed at progressing the development of bit.bio's innovative products. The company plans to expand its global operations and venture into the lucrative toxicology market, a sector increasingly defined by digital transformation and advanced technologies.
Bit.bio's flagship ioCells™ human cell products are now being utilized by prominent pharmaceutical companies and academic institutions around the world. By cultivating human cells for various applications such as drug discovery and safety assessments, bit.bio is spearheading the shift towards more ethical and effective New Approach Methodologies (NAMs). These methodologies leverage sophisticated cell-based and computational models, replacing traditional animal testing methods and providing insights that are more predictive of human responses.
Strategic Investment and New Leadership
M&G Investments, through its Crossover strategy within its public equity business, is channeling funding from M&G Life's £130 billion With Profits Fund, which serves 4.5 million policyholders across the UK. This strategy provides patient growth equity to high-quality, fast-growing private entities, preparing them for their eventual transition into public markets.
In exciting news, Lord David Prior has joined bit.bio as an independent director and will serve as the new Board Chair. With extensive expertise built over two decades in UK life sciences, Prior's appointment is indicative of the caliber of leadership that bit.bio is attracting.
Advancements in Drug Development
Przemek Obloj, CEO of bit.bio, highlighted the significance of providing reliable human cells for research and safety testing. He noted that this investment will enhance their ability to push drug development forward, mixing in silico model training with in vitro discovery models to streamline safety testing. Obloj believes that the fresh support from M&G will accelerate the growth trajectory of the company.
Cornel Chiriac, Investment Director at M&G Investments, expressed optimism about the future of bit.bio, emphasizing that their platform makes cell programming reliable and scalable, which is essential in a rapidly changing field. M&G remains committed to fostering the next generation of UK businesses and promoting economic growth through substantial investments.
Shaping the Future of Science and Innovation
Lord David Prior added that bit.bio's technology is not only world-class but also has the potential to drive sustainable commercial success. He looks forward to supporting their efforts to expand their reach within pharmaceutical and biotech circles globally.
About bit.bio
Founded after spinning out from the University of Cambridge in 2016, bit.bio has rapidly established itself as a leader in cell programming technology, raising over $200 million from leading investors such as Arch Venture and Tencent. Their unique platform allows for the creation of functional, human-relevant cells at scale, facilitating advancements in research and drug development while promoting the adoption of new scientific methodologies.
Bit.bio's diverse portfolio includes over 50 cell products, which address a range of applications—from disease modeling to gene editing—propelling drug discovery into a new era with enhanced precision and ethical considerations.
About M&G Investments
M&G Investments operates as part of M&G plc, managing assets worth £365 billion. With customers spanning the globe, from individual savers to large investment schemes, M&G has played a pivotal role in enabling economic growth through responsible investing. They are committed to achieving net-zero emissions by 2050 across all their operations, exemplifying their focus on sustainable investments.
Frequently Asked Questions
What is bit.bio known for?
Bit.bio specializes in next-generation human cell programming technology, which is used for drug discovery and research.
What was the purpose of the $50 million funding round?
The funding will help accelerate product development and enhance global operations for bit.bio, especially in the toxicology market.
Who is the new Board Chair of bit.bio?
Lord David Prior has recently joined bit.bio as the independent director and new Board Chair, bringing significant experience in life sciences.
How does bit.bio contribute to ethical drug development?
Bit.bio focuses on human-relevant testing methodologies, reducing the reliance on animal testing and improving the reliability of pre-clinical results.
What is M&G's investment strategy?
M&G's Crossover strategy provides growth equity to promising private companies, facilitating their transition to public markets while supporting innovation in the UK.
