bit.bio Secures $30 Million from M&G Investments to Advance Cell Programming
Deal News | Dec 16, 2024 | PR Newswire Cision bit.bio
Bit.bio, a leader in the field of cell programming technology, has successfully secured $30 million in funding through a financing round led by M&G Investments. This investment will drive further innovation in research and drug discovery tools within the cell therapy market. M&G's involvement underscores confidence in bit.bio's growth potential as the company aims to advance human health through its deterministic programming technology. In conjunction with the funding, bit.bio announced key leadership updates: Jonathan Milner, a noted UK biotech entrepreneur, will take on the role of interim CEO, while founder Mark Kotter transitions to Vice Chairman. The company has also expanded its board with industry experts including Cornel Chiriac and Dr. Richard Klausner, enhancing strategic governance. These changes mark a pivotal phase of expansion as bit.bio strengthens its position as a top provider of human cells for research and therapy applications.
Sectors
- Biotechnology
- Investment Management
Geography
- United Kingdom – Bit.bio is based in Cambridge, United Kingdom, which is significant as the UK is a thriving hub for biotech innovation and investment activities.
Industry
- Biotechnology – The article focuses on bit.bio, which operates within the biotechnology industry, specializing in cell programming technology for research, drug discovery, and cell therapy markets.
- Investment Management – M&G Investments' leading role in the funding round highlights the involvement of the investment management sector, emphasizing the financial backing of emerging biotech firms.
Financials
- $30 million – The amount raised by bit.bio in the recent funding round led by M&G Investments.
- $6 billion – The acquisition value of Abcam, a company previously led by Jonathan Milner.
- $225 million – The total capital raised by bit.bio since its inception.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| bit.bio | Target Company | Company | A biotechnology company known for its cell programming technology, aiming to advance human health through research and drug discovery. |
| M&G Investments | Lead Investor | Company | A leading international investment company, part of M&G plc, spearheading investments in life sciences through its Crossover strategy. |
| Jonathan Milner | Interim CEO | Person | Prominent biotech entrepreneur appointed as interim CEO of bit.bio. |
| Mark Kotter | Vice Chairman | Person | Founder of bit.bio and pioneer of the opti-ox™ technology, transitioning to Vice Chairman to guide the strategic vision. |
| Cornel Chiriac | Board Member | Person | Investment Director at M&G, joining the bit.bio Board, with extensive experience in biotech investments. |
| Dr. Richard D. Klausner | Board Member | Person | Renowned biotech leader and founder of Altos Labs, joining bit.bio's Board to advance its mission. |