Rapid Micro Biosystems Secures $60 Million In Equity Financing
Investment to Accelerate Company's Continued Global Commercial Expansion and Product Innovation
LOWELL, Mass., May 02, 2018 (GLOBE NEWSWIRE) -- Rapid Micro Biosystems, the leading provider of automated, growth-based, rapid microbial detection technology for the healthcare product manufacturing sector, announced that it has secured $60 million in equity financing led by new investors Bain Capital Life Sciences and Xeraya Capital. The new funding round also includes a commitment from another new investor, Asahi Kasei Medical, along with continued participation by Longitude Capital, Quaker Partners, TVM Capital, and Richard K. Mellon and Sons. The funding will be used to accelerate global commercial expansion, operational capability and product innovation of Rapid Micro Biosystems' industry-leading rapid microbial detection technology.
Rapid Micro Biosystem's Growth Direct(TM) - the first and only growth-based system to fully automate traditional microbial testing - detects contamination more quickly, delivering compelling economic benefits to manufacturers while improving their quality control operations, securing data integrity processes, and reducing operational risks. Rapid detection of microbial contamination enables manufacturers to reduce inventory carrying costs, shorten manufacturing cycles, and reduce product losses, thereby delivering significant cost savings, improved quality control, operational standardization and increased operational efficiency.
"The new round of investment will fuel significant business growth and strategic capability that will strengthen our ability to serve customers globally," said Robert Spignesi, Chief Executive Officer of Rapid Micro Biosystems. "We are proud to have the additional support and resources of Bain Capital Life Sciences and Xeraya Capital who share our vision for developing disruptive technologies for the healthcare product manufacturing industries."
"We believe Rapid Micro Biosystems is very well-positioned to advance its global footprint due to the company's highly value-added microbiology controls and monitoring products that address mission critical activities in the pharmaceutical manufacturing process," said Jeffrey Schwartz, a Managing Director at Bain Capital Life Sciences. "We are excited to partner with Rob and the management team to continue to provide an automated alternative to the detection methods currently used."
"As organizations increasingly seek to improve operational efficiencies and streamline quality programs to prevent microbial contamination events, the demand for quality control applications and automation will continue to accelerate," said Fares Zahir, Chief Executive Officer of Xeraya Capital. "We remain confident that Rapid Micro Biosystems will continue to be at the forefront of this anticipated increasing demand."
Locust Walk acted as exclusive financial advisor to Rapid Micro Biosystems in this financing round.
About Rapid Micro Biosystems
Rapid Micro Biosystems creates innovative products for fast, accurate, and efficient detection of microbial contamination in the manufacture of pharmaceuticals, biologics, biotechnology products, medical devices, and personal care products. The company's Growth Direct(TM) - the first and only growth-based system to automate traditional microbial testing - detects contamination more quickly, delivering compelling economic benefits to manufacturers while improving their quality control (QC) process. For more information about Rapid Micro Biosystems visit www.rapidmicrobio.com
About Bain Capital Life Sciences
Bain Capital Life Sciences (www.baincapitallifesciences.com) pursues investments in biopharmaceutical, specialty pharmaceutical, medical device, diagnostics and enabling life science technology companies globally. The team focuses on companies that both drive medical innovation across the value chain and enable that innovation to improve the lives of patients with unmet medical needs. Since 1984, Bain Capital has developed global reach, deep expertise and a proven track record in life sciences industries across its Private Equity, Credit, Public Equity and Venture business units. Bain Capital Life Sciences builds on the differentiated skillset and enables the firm to pursue opportunities created by several long-term trends in healthcare.
About Xeraya Capital
Xeraya Capital is a venture capital and private equity firm focused exclusively on Life Sciences investments. From its base in Malaysia, Xeraya's investment activities span the globe with current investments in the US, Europe, and Asia, predominantly in innovative companies to enable breakthrough healthcare and biorenewable products. Beyond capital, the firm leverages its experiences, affiliations, and networks to enable startups' successes. Additional information is available at www.xeraya.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Rapid Micro Biosystems via Globenewswire
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