$14m raised in Series B will continue expansion of Experic’s headquarters
Biopharmaceutical contract development and manufacturing organization (CDMO), Experic, has seen increasing demand since opening its Cranbury, New Jersey facility in 2018. To aid in meeting that demand the company closed a $14b series B financing.
The $14m will be put to the continued expansion of clinical trial supply and service capabilities at the Cranbury facility. Experic constructed its Cranbury headquarters, a Class A cGMP research, manufacturing, and packaging facility in 2018 to fill the needs for small and mid-sized customers.
Since the construction of the Cranbury facility, Experic stated that the company has seen a growth in demand for formulation, development, manufacturing, and analytical services for hard-to-handle powder drug products.
In 2020, TFF Pharmaceuticals installed a thin-film freezing (TFF) processing line at the Cranbury facility. The TFF platform is suited to generate dry-powder particles for inhalation delivery. Through this partnership, Experic provided capabilities for development and production for TFF Pharmaceuticals products for various pharmaceutical companies.
At the time, the CDMO created a center of excellence for clinical development of low dose powders and drug product inhalation with technology from Harro Hofliger. Equipment supplier, Harro Hofilger, led the series B funding alongside East Seattle partners.
Earlier this year, Harro Hofilger joined excipients provider DFE Pharma and active pharmaceutical ingredient (API) manufacturer Sterling to establish Inhalation Together (INTO) to formulate dry-powder inhalation (DPI) solutions.
