#Cambridge #United Kingdom #Drug Discovery #bit.bio #M&G Investments

M&G Investments Leads $50 Million Series C Funding for bit.bio

In a significant development for the UK's biotechnology sector, M&G Investments has recently spearheaded a funding round amounting to $50 million for bit.bio, a Cambridge-based biotech firm focused on innovative human cell programming technology. This Series C funding round underscores a strong commitment to advancing drug discovery and development within the UK, providing much-needed financial support to a company that is at the forefront of scientific innovation.

bit.bio’s pioneering approach involves the production of human cells using its proprietary ioCells™ technology, which is already making waves in the pharmaceutical and biotech industries globally. These human cell products cater to essential applications in research, drug discovery, and toxicology, marking a transition towards more ethical and predictive methodologies in medicine. Not only does this approach reduce the reliance on animal testing, but it also enhances the relevance and accuracy of pre-clinical research.

The funds raised will enable bit.bio to broaden its operations internationally, expand its footprint in the multi-billion-dollar toxicology market, and enhance its robust manufacturing capabilities. With this infusion of capital, the company aims to create extensive datasets that will improve AI model training and further drive its mission to provide high-quality human cells for safety testing and research.

This investment is part of M&G's Crossover strategy, which seeks to deliver patient growth equity to high-quality, rapidly expanding private companies. By investing on behalf of its £130 billion With Profits Fund, M&G supports valuable growth opportunities that eventually facilitate their transition into public market spaces. The company aims to champion the next generation of UK enterprises, demonstrating a strong commitment to both innovation and economic progress.

Additionally, the funding round has seen the appointment of Lord David Prior as the new independent director and Board Chair for bit.bio. Lord Prior brings with him over two decades of experience in UK life sciences innovation and governance, which will be invaluable as bit.bio continues its trajectory toward successful commercialization of its technologies.

Przemek Obloj, Chief Executive of bit.bio, expressed his enthusiasm regarding the funding, stating, “By providing reliable human cells for research and safety testing, we’re helping to accelerate drug development and build a world-class life sciences business in the UK. With fresh backing from M&G, we can enhance our development pipeline and contribute to the advancement of ethically responsible testing methods.”

Cornel Chiriac, M&G's Investment Director, also commented on the significance of this investment, emphasizing the importance of a consistent approach in fostering innovation within the UK's drug development landscape.

As bit.bio continues to innovate and expand its global presence, the potential for transforming conventional drug discovery methods is evident. The company's focus on developing human-relevant New Approach Methodologies (NAMs) holds promise for a new era in medicine, where advanced cell-based and computational models replace traditional animal testing.

“bit.bio's technology is world-class, and the opportunity now lies in converting that advantage into sustained commercial performance,” said Lord Prior. He looks forward to accelerating the reach and impact of the company's operations within pharmaceutical, biotech, and research sectors worldwide.

This significant funding not only highlights M&G’s belief in bit.bio's potential but also reinforces the broader narrative of the UK as a burgeoning hub for biotech innovation. With the ongoing support of investors, researchers, and policy makers, the future of drug discovery in the UK appears vibrant and promising.

In conclusion, the collaboration between M&G Investments and bit.bio marks a pivotal moment for the UK's biotech industry, showcasing the combined efforts geared towards delivering human-centric solutions and addressing pressing health challenges through innovation.