From R&D to Commercial Production
The Massachusetts-based startup business was founded in 2017 by Hallal as well as entrepreneurs Mitchell Finer and Vikas Sinha. ElevateBio aims to bring together the R&D (research and development) and production phases of gene and cell therapy under one business model.
The biotech startup is host to a number of spin-out companies: AlloVir, which focuses on virus-specific T-cell therapies; HighPassBio, which is working on a treatment to prevent relapses in leukemia after hematopoietic stem cell transplant; and Life Edit Therapeutics, which seeks to provide gene therapies for genetic diseases. These portfolio companies, as well as strategic partners, are offered access to the ElevateBio BaseCamp, a 140,000 square foot, state-of-the-art research and production facility built by the startup business to assist the development of novel treatments.
Bustling Biotech Industry
Biotechnology is a rapidly expanding area of research as advancements in the field have important implications across numerous industries, as well as the potential to address many global issues such as food security and chronic illnesses.
Market research projects the global cell and gene therapy market to grow at a CAGR of 24.1% from 2020 to 2023, reaching $13.23 billion by the end of the forecast. ElevateBio’s company is likely to find continued support from investors as the industry continues to grow. Nature Biotechnology reported that over 73 life science firms collectively raised over $22 billion last year.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.