Singapore-based biotech company Genetic Design and Manufacturing Corporation (GDMC) has raised $21 million in a Series A round led by Asian private equity firm Celadon Partners.
Cross-border venture capital firm WI Harper Group and SEEDS Capital, the investment arm of government agency Enterprise Singapore, as well as biotech-focused NSG Ventures also joined the round.
GDMC, which was set up in 2021, is a design and manufacturing firm focused on next-generation advanced genetic therapies. The company plans to use the proceeds to expedite the development of innovative technologies and enhance process efficiency, thereby achieving significant manufacturing cost reduction for partners.
With the recent funding, GDMC seeks to boost stronger collaborations with more partners in the US and APAC region, co-founder and CEO Michael Koeris said.
In Singapore, GDMC has started constructing a 155,000 sq ft facility for cell, gene, and nucleic acid therapies (CGNT). The team has secured initial clients and is now accepting reservations for the staggered opening of clinical and commercial facilities between 2024 and 2027.
Founded by Koeris, an entrepreneur with over two decades in biotech and healthcare, the startup includes a team of experts from contract development and manufacturing organisations (CDMO). GDMC’s chief business officer Eric Blair has 25 years of experience and leads the team in commercialising products and CDMO services through partnerships.
“GDMC is uniquely positioned in the genetic medicines supply chain and we believe that Singapore provides a compelling value proposition for customers in terms of both a deep talent pool and cutting-edge technologies,” said Jonathan Su, managing director at Celadon Partners.
GDMC’s partnership for drug manufacturing organization (PDMO) approach supports companies, including startups, from drug design to market entry. With a tech-driven design house, GDMC accelerates next-gen medicine tools, utilising machine learning to address manufacturing challenges.
“GDMC’s partnership model helps lower risks associated with tech transfer or commercialisation delays. Next-gen genetic therapies is a fast-growing space with much potential, globally and in Singapore, where we see a growing pool of early-stage biotechs requiring resources and expertise to move into clinical development,” said Tan Kaixin, general manager of SEEDS Capital.
