Vineti Extends Series C Funding Round to $68M with an Expanded Investor Coalition
SAN FRANCISCO, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Vineti, Inc., the leading digital platform of record for personalized therapeutics, today announced the closing of a $33 million extension to its Series C financing. The new financing will support further expansion of the company’s Personalized Therapy Management (PTM) ® platform for personalized and high-value advanced therapies. The Series C extension is led by Cardinal Health, with participation from Marc Benioff and existing Vineti investors, including Canaan Partners, Threshold Ventures (formerly DFJ), Section 32, Casdin Capital, Novartis Pharma AG, McKesson Ventures, and LifeForce Capital, along with other undisclosed entities. Eli Casdin, Chief Investment Officer and Founder of Casdin Capital, will join Vineti’s Board of Directors.
Vineti offers an independent, purpose-built enterprise solution that is essential for enabling the growth and wide distribution of transformative personalized therapeutics, such as CAR-T cell therapies, for the treatment of late-stage cancer. The Vineti Personalized Therapy Management (PTM) ® platform automates patient-centric supply chains for a wide range of advanced therapies, in all phases of clinical development and commercial operations.
This extension round of funding brings Vineti’s publicly announced financing to more than $115 million. The company’s expanding coalition of investors demonstrates Vineti’s stature in bridging the worlds of biopharmaceutical innovation and enterprise cloud software to create essential new infrastructure for the emerging personalized medicine ecosystem.
“Vineti has continued to lead its industry, drive change, and serve an expanding number of biopharmaceutical partners, even amid the uncertainties and volatility of 2020,” said Heidi Hunter, President of Cardinal Health Specialty Solutions. “Cardinal Health’s further investment in Vineti reflects our ongoing commitment to cell and gene therapies and our leadership in creating value-added solutions for patients.”
Vineti’s diverse set of investors mirrors its industry-leading hybrid team, offering a unique blend of biopharmaceutical and technological expertise that gives the company and its platform singular advantages in solving the operational challenges faced by advanced therapies. The latest wave of personalized therapeutics, including autologous and allogeneic cell therapies and personalized cancer vaccines, present unique complexities that require built-for-purpose enterprise platforms to ensure patient safety, traceability, simplicity, and cost-effectiveness at scale. Advanced therapies also require extensive standards development -- and the technology skills to actualize those standards -- to reach patients world-wide.
This emphasis on standards-driven technology is required to scale and industrialize personalized therapeutics. While each patient-centric drug product is deeply personalized, these therapies can only become widely available if the systems underlying them are reliable, repeatable, safe, and predictable. Vineti’s Series C extension capital will be used for Vineti’s continued expansion wrld-wide, with a focus on the enterprise infrastructure needed to industrialize personalized therapies in clinical through to commercial stage.
Vineti’s cloud-based, fully configurable platform acts as the flexible and transparent “smart plumbing” across the advanced therapy value chain to assure Chain of Identity and Chain of Custody within the most complex supply chain, logistics, reimbursement, and patient-monitoring workflows in the history of biologics. The platform supports clinicians and patients in hundreds of leading medical centers world-wide in 2020.
“2020 has driven one key point home -- the continued success of advanced therapies relies on standardized, dependable infrastructure,” said Amy DuRoss, CEO and Co-Founder at Vineti, “Vineti was built for purpose to serve personalized medicine. We’re now very humbled and honored by the direct support of key industry leaders, including a biopharmaceutical commercialization standard-setter and an enterprise cloud computing pioneer. We are also very excited to be adding such a leading and insightful investor in Eli Casdin to our corporate board, as we continue to expand Vineti’s brain trust overall on behalf of our growing industry.”
This news follows other recent growth at Vineti, including the hiring of the company’s new Chief Commercial Officer and new Chief Technology Officer earlier this year, the launch of the Vineti’s Alliance Network, and recent collaborations with OncoBay Clinical, Eversana, and Avobis Bio. Biopharmaceutical developers, potential technology partners, patients, and clinicians can learn more about the Vineti PTM ® platform at www.vineti.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a6c1c231-6a2d-47c6-954f-d3ee02308f58