BioCentriq, a Newark-based cell-based therapy contract development and manufacturing organization, raised $29.2 million in Series A funding, according to a Wednesday announcement.
The backers were not disclosed.
The company intends to use the funds to enhance its facilities, invest in advanced technologies and expand its team.
The funding round marks a significant milestone in BioCentriq’s mission to accelerate delivery of innovative cell therapies by translating, optimizing and scaling processes for GMP manufacture.
“We are thrilled to announce the successful completion of our latest fundraising round, which reflects the confidence of our investors in BioCentriq’s vision and capabilities,” James Park, BioCentriq chairman of the board and interim CEO, said. “This capital injection positions us strongly to continue driving innovation in cell therapy development, enabling our partners to bring transformative treatments to patients around the world.”
BioCentriq was founded at New Jersey Institute of Technology’s New Jersey Innovation Institute, and sold to GC Holdings Inc. in 2022.