AbSci, a biotechnology company that will soon relocate from Portland to the former Red Lion Hotel Vancouver at the Quay, has secured $5.1 million in Series A financing to advance its work on producing high yields of soluble, active therapeutic proteins for commercial production of insulin and other therapeutic uses.
A news release describes AbSci as “a global leader in cutting-edge protein production technologies committed to reducing costs in the biopharmaceutical industry.”
The financing is led by Phoenix Venture Partners, a Silicon Valley venture capital firm that invests in companies working to commercialize emerging materials science innovations. AbSci will use the funding to support further development and scale-up of its SoluProTM platform.
“AbSci’s technology enables greater manufacturing flexibility and dramatically more efficient use of existing manufacturing infrastructure,” Zach Jonasson, a co-founder and general partner at Phoenix Venture Partners, said in a news release.
The company, with 13 employees, expects to move to the former Red Lion in mid-June.