Longitude Capital and TPG Biotech lead investment with participation from existing investors
Bedford, MA – June 26, 2013 – Rapid Micro Biosystems, a leading provider of automated, non-destructive, rapid microbial detection for quality control testing within the pharmaceutical and personal care products market segments, today announced that it has raised $32.6 million in series B financing. The funding will be used to expand the commercial and manufacturing operations in support of the Growth DirectTM System and the companion applications including: environmental monitoring, sterility and bioburden testing. Providing faster results from quality control testing allows drugs to be produced and released more quickly, economically and safely.
Longitude Capital and TPG Biotech led this financing round with continued participation from Kleiner Perkins Caufield & Byers, TVM Capital and Quaker Partners. Dr. Mark Braganza, Principal at TPG Biotech and Dr. David Hirsch, Managing Director at Longitude Capital will be joining the Rapid Micro Biosystems’ board of directors.
“We are excited to be part of a company that offers such a compelling value proposition—both in automation and testing speed—to pharmaceutical, biotech and personal care product companies,” said Dr. Braganza.
“The Growth DirectTM system offers an innovative approach to microbial detection and enumeration, allowing quality control microbiologists to focus on higher value activities,” said Dr. Hirsch. “We are pleased to play a role in their expansion.”
The Growth DirectTM is the only system on the market where all the applications can be run both concurrently and automatically on a single instrument. The system provides results starting within just hours; sending problem alerts so that decision-making and remedial action can start immediately. Leveraging an already proven detection technology, the Growth DirectTM delivers exceptional enhancements to productivity, faster response time and reduction in errors.
“These unique capabilities provide an attractive return on investment for our customers and getting drugs to market faster ultimately benefits patients,” said Steve Delity, President and CEO. “Our new investment partners, along with our current investors, position Rapid Micro Biosystems to meet the customer requirements for automated microbial detection and enumeration.”
About Rapid Micro Biosystems:
Rapid Micro Biosystems delivers the Growth Direct™ System, an automated, non-destructive, rapid detection and enumeration technology based on the compendial method for microbial quality control in pharmaceutical manufacturing. The system automates and accelerates detection and enumeration in the areas of sterility testing, environmental monitoring, and bioburden testing, eliminating manual steps and analysis. For more information about Rapid Micro Biosystems or to register for an upcoming workshop, visit www.rapidmicrobio.com.
About Longitude Capital:
Longitude Capital is a private equity investment firm that focuses on venture growth investments in drug development and medical technology. The firm builds balanced portfolios of mid-stage to commercial-stage companies with clinically de-risked assets that are likely to achieve key value-creating milestones within three-to-five years. Founded in 2006, Longitude Capital operates bi-coastally with offices in Menlo Park, CA and Greenwich, CT. Longitude Capital has over $700 million in assets under management, and most recently raised $385 million for its second fund, Longitude Venture Partners II, L.P., in 2012. www.longitudecapital.com
About TPG Biotech:
TPG Biotech is part of the growth equity and venture investment platform of TPG, the global private investment firm. With more than $1.3 billion under management, TPG Biotech targets investments in pharmaceutical discovery and development, medical technology, diagnostics, healthcare and pharmaceutical services, life sciences, as well as industrial applications of biotechnology. www.tpgbiotech.com
About Kleiner Perkins Caufield and Byers:
Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 500 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm’s portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions. The firm has offices in Menlo Park, California; Beijing, China; and Shanghai, China. www.kpcb.com
About TVM Capital Life Science:
TVM Capital Life Science is providing venture capital to the international pharmaceutical, biopharmaceutical and medical technology industries with more than 25-years of transatlantic investment track record and in excess of US$1.1bn under management. The Life Science Investment Group’s mission is to invest in the development of exciting early stage drug candidates and companies in the medical field that are or aspire to be innovative leaders in their market segment. Since 1984, TVM Capital Life Science made 116 investments in life science companies in Europe and the United States and exited from 85 companies, including 41 initial public offerings on the NASDAQ, and the London, Frankfurt, Zurich and Vienna Stock Exchanges and 25 trade sales and mergers. The Life Science team combines long-standing international investment and company building experience with their track record of dedicated board work, extensive global networks in the world of life science research and product development and a direct knowledge of the local markets. TVM Capital Life Science currently invests from its 7th fund generation, TVM Life Science Ventures VII, with an integrated team of investment professionals based in Montreal and Munich. www.tvm-capital.com
About Quaker Partners:
Quaker Partners is an East Coast-focused healthcare investment firm. The funds they manage pursue a venture capital and growth strategy, leading equity investments in healthcare companies at all stages of development. Quaker’s industry expertise includes pharmaceuticals, biotechnology, healthcare services, and medical technologies such as devices, tools and human diagnostics. Since its founding in 2002, Quaker has invested in dozens of innovative, high impact healthcare companies. Quaker manages over $700 million in committed capital, and is currently investing its second fund. www.quakerpartners.com
Rapid Micro Biosystems