Antheia, a biomanufacturer that makes a key ingredient for the opioid overdose treatment Narcan, reeled in $56 million in a series C financing.
The company plans to use the funds to expand manufacturing operations in the U.S. and to start new "strategic innovation programs" in Singapore, Antheia said in a June 3 press release.
The Menlo Park, California-based company, which was founded in 2015, uses biosynthesis technology to produce complex molecules from simple precursors. Antheia touts its process as more environmentally sustainable and cost-effective than traditional drug manufacturing.
Antheia’s first commercial product is thebaine, a key ingredient in Narcan. The company made its first commercial delivery of thebaine last October.
The new infusion of investments will also aid in Antheia launching additional products from its pipeline of more than 70 biosynthetic pharmaceutical ingredients, the company added in its release.
“Our industry-first biosynthetic product offerings are disrupting the market by addressing major supply chain issues and are quickly cementing Antheia's position as a leading industry innovator," Christina Smolke, Ph.D., CEO and co-founder of Antheia, said in the release. “We are enabling widespread access to critical medicines with our world-leading biosynthesis technology.”
The financing round was led by Global Health Investment Corporation and EDBI, which operates under the Singapore Economic Development Board and Enterprise Singapore.
New investors included ATHOS KG and Federov. Existing investors who participated in the series C round were Viking Global Investors, Sherpalo Ventures, S-Cubed Capital, In-Q-Tel and Civilization Ventures.
“Global pharmaceutical supply chains are complex and increasingly vulnerable to critical drug shortages—an urgent health security challenge,” Joseph Lee, principal at Global Health Investment Corporation, said in the release. “Antheia's biosynthesis platform offers a transformative and elegant solution, enabling more efficient, scalable, and reliable production of KSMs (key starting materials) and APIs.”