PBS Biotech secures $17 million in follow-on round
One year after the company raised $22 million in financing, Camarillo-based PBS Biotech secured another $17 million in follow-on growth capital from Avego Management and BroadOak Capital Partners.
Announced Jan. 6, the investment will help accelerate PBS Biotech’s new product innovation, process development services, and quality system improvements, further advancing the cell therapy industry and helping their customers bring life-saving therapies to market faster.
PBS Biotech is a manufacturer of single-use bioreactor systems and a provider of process development services.
With the investment, PBS Biotech is also expanding its ISO 9001:2015 manufacturing capacity, which will be completed by mid-2025.
The expansion will help support more than $100 million in annual revenue and will help meet customers’ demands as they scale up from clinical trials to regulatory approval and commercialization.
ISO 9001:2015 is an international standard that helps organizations create quality management systems.
PBS Biotech’s ISO 9001:2015 also received a certification of its quality management systems in May 2024, which “ensures that PBS Biotech’s single-use bioreactor systems are manufactured and delivered under the highest standards of quality management, significantly enhancing their reliability, robustness, and efficacy for commercial manufacturing of cell therapy products.”
PBS Biotech’s top product also includes its Vertical-Wheel bioreactors, which have demonstrated strong performance forthe production of therapeutic cells designed as regenerative medicines for conditions like diabetes, cancer, and heart disease.
A bioreactor is a specially designed vessel or system used to cultivate and maintain living organisms like bacteria, yeast, plant cells, mammalian cells, or tissues under controlled conditions.
PBS serves companies developing the next generation of cell therapies, with the ultimate focus on benefiting the end patients who are in desperate need of more effective treatments than the ones currently available in the marketplace, according to a press release.
“These significant milestones mark an exciting phase for PBS Biotech,” Dr. Brian Lee, CEO of PBS Biotech, said in a press release.
“The continued support of Avego and BroadOak underscores the confidence of existing investors in our technology and market potential.”
In addition to growing its manufacturing capabilities, PBS Biotech also expanded its executive leadership team.
Announced Jan. 7, PBS has appointed Terrell Matthews as its chief commercial officer. The company also appointed Erik Wiberg as its chief financial officer.
“The appointments of Terrell and Erik bring unparalleled expertise and leadership to our executive team as we scale our business to meet the growing demands of the cell and gene therapy industry,” Lee said in a press release.
Matthews brings over 20 years of global customer experience in sales and marketing, while Wiberg offers more than 25 years of financial leadership in life sciences and technology, according to the press release.
Their combined experience at organizations such as Danaher, Thermo Fisher, Gyros Protein Technologies, and Resolve Biosciences will propel PBS’ strategic growth and strengthen its market position while also increasing customer support through geographic expansion and new product and applications development, the company said in a press release.
“Since joining PBS Biotech as CCO in 2024, we have achieved extraordinary results in a short period. Our commercial team has expanded with extremely capable talent, and we have outperformed all our proxies, closing a highly successful 2024,” Matthews said in a LinkedIn post.
“I am humbled to be part of this incredible team and the impact we can have on patients’ lives. We are poised to accomplish amazing things in 2025.”
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