March 14, 2011
GREENWICH, CT and OKLAHOMA CITY, OK – Great Point Partners, LLC, a Greenwich-based private investment firm focused on the health care industry, announced today a growth equity investment in Cytovance Biologics, LLC (“Cytovance”). Founded in 2004 and headquartered in Oklahoma City, OK, Cytovance is a leading full service contract manufacturer (“CMO”) of mammalian and microbial biologics for biotechnology and pharmaceutical companies.
Cytovance specializes in the production of therapeutic proteins and monoclonal antibodies from mammalian and microbial cell cultures. The Company offers a comprehensive and collaborative approach to manufacturing biologics that adds significant value by partnering with biopharmaceutical companies to advance their recombinant protein, antibody and cell-based therapeutic products rapidly and cost-effectively from the laboratory bench, through clinical development and to commercial launch in domestic and international markets. In addition to their cGMP manufacturing services, Cytovance offers process development, cGMP cell banking, in-house analytical development and testing and a full complement of client support services. In addition, Cytovance operations are supported by teams of highly experienced quality control and quality assurance professionals that are solely focused on complying with all contractual and global regulatory requirements.
The equity investment will fund a major facility, service and personnel expansion which will add significant development and production capacity to its existing state-of-the-art facility to accommodate client demand for continued clinical trial and commercial scale CGMP manufacturing.
“Great Point reached out to us last year. It was evident from our first conversation they were very knowledgeable about the biologics manufacturing space and recognized the potential growth opportunities for Cytovance with additional working capital. They share our existing partners’ optimism moving forward and will be a valuable addition to our organization in terms of their vision and understanding of our business”, said Darren Head, CEO of Cytovance. “Great Point’s investment allows us to accelerate our next phase of growth.”
As part of their investment, Great Point Managing Directors Dr. Jeffrey R. Jay and David Kroin, and Senior Vice President Noah F. Rhodes, III will join Cytovance’s Board of Directors along with Darren Head, Cytovance’s CEO and Dr. William Canfield, former Founder of Novazyme Pharmaceuticals. “We welcome Great Point Partners and Presbyterian Health Foundation as new investors in Cytovance. This transaction marks a transition of the company from angel investors to professional investors. The transition is reflective of the company’s progress in the last couple of years due to the hard work of Darren and the entire team.” said Dr. William Canfield, Chairman of Cytovance. Dr. Canfield led a recapitalization and reorganization of Cytovance in 2005. The recapitalization investor group included Canfield, Aubrey K. McClendon and Tom L. Ward and provided local ownership for the first time.
Dr. Jeffrey Jay of Great Point Partners stated, “Cytovance has established itself as one of the premier CMO’s in the biologics manufacturing space and we are excited to partner with the strong management team they have already assembled.” Furthermore, he added, “Cytovance is a classic Great Point platform company as it is: rapidly growing, well-managed and highly scalable.”
About Great Point Partners, LLC
Great Point Partners, LLC is a leading health care investment firm with approximately $400 million of equity capital under management. Great Point has provided growth equity, recapitalization and management buyout financing to more than 100 health care companies. Currently, the Firm manages capital in both public equity and private equity funds. Both the private and public funds invest across all sectors of the health care industry including biotechnology and life sciences, consumer health, generic drugs, health care services, information technology, insurance, medical devices, specialty pharmaceuticals, and workers compensation. You can find more about Great Point at www.gppfunds.com.
This document is intended solely to provide information regarding Great Point Partners’ potential financing capabilities for prospective portfolio companies.