Vancouver-based biotechnology company AbSci announced Tuesday that it has secured $10.4 million in Series D financing, plus $5 million in term debt. The round was led by KBI Biopharma and JSR Life Sciences.
AbSci said it intends to use the funding to expand its facilities and team. The news comes after a year of rapid growth that saw AbSci nearly double the size of its downtown Vancouver office and lab. In September, the company said it expected to grow its workforce by nearly 50 percent before the end of 2019.
AbSci specializes in the creation of genetically modified bacteria that can be engineered to produce various medical substances such as insulin. The company markets its main platform, SoluPro, as a tool that pharmaceutical companies can license in order to affordably mass-produce medical compounds.