INDUSTRIAL IMPACT

Ecological Laboratories, Inc. announces acquisition of TOMCO Chemical to Bolster Reach into Hog Farming Waste Management.

Ecological Laboratories, Inc. | July 08, 2022 | Read time : 1 min

Ecological Laboratories
Ecological Laboratories, Inc. a Biotechnology company that develops and manufactures novel, proprietary, liquid microbial formulations capable of solving many of the most challenging environmental problems, announced that it has acquired TOMCO Chemical. TOMCO Chemical has provided bacterial products specifically to breakdown solids and reduce odors for Hog Farms in the United States.

"We are thrilled to bring together the TOMCO team with Ecological, which gives us critical mass to research, support and deliver against producer's farm waste challenges today and tomorrow."

Ecological's CEO Nick Favret

Ecological Laboratories, Inc. has been servicing the Hog Farming Waste Management Industry for more than forty years. By acquiring TOMCO, Ecological will be able to reach more farming leaders looking to use Biologically friendly solutions moving forward. TOMCO's premier product Pit-Perfect, a component of their In-Gest-O-Bac product series has been a tool used by farmers with great success. As Bio-Gas and Sustainable Agriculture continue to scale globally, Ecological recognizes the further demand of their microbial solutions.

Ecological's Farm Waste Management solutions under the brand MICROBE-LIFT is the most effective way to improve farm waste processes. With unmatched capabilities to breakdown waste, and reduce toxic gases. MICROBE-LIFT technology drives down costs, increases operation efficiency, provides return on investment and supports regulatory compliance.

"I am proud to announce the merger of TOMCO Chemical and Ecological Laboratories, Inc. By joining forces with Ecological we have the capacity to bring the best solution in waste management to a level that has not been seen before", said Tom Elsner President & CEO of TOMCO Chemical.

Ecological Laboratories, Inc. continues to innovate with our propriety microbial formulations focusing on solutions for the Commercial Waste Water, Farm Waste, Aquaculture, Composting, Eco-System Restoration and Bio Gas Industries as well as the Retail Water Garden, Lawn and Garden, Aquarium, Pet, Hydroponic and Septic markets.

Spotlight

Are the greatest advances made in science based on serendipity? University of Minnesota Professor of Genetics and Cell Biology Perry Hackett thinks so. Hackett resurrected an element found in salmon after 14 million years to become a breakthrough treatment in the fight against cancer. In the process, the discovery has made Minnesota the destination for genome engineering and opened an entirely new window of therapy with the promise of improving the health of millions.

Spotlight

Are the greatest advances made in science based on serendipity? University of Minnesota Professor of Genetics and Cell Biology Perry Hackett thinks so. Hackett resurrected an element found in salmon after 14 million years to become a breakthrough treatment in the fight against cancer. In the process, the discovery has made Minnesota the destination for genome engineering and opened an entirely new window of therapy with the promise of improving the health of millions.

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INDUSTRIAL IMPACT

AbCellera and Atlas Venture Collaborate to Empower the Development of Impactful Medicines for Patients

AbCellera and Atlas Venture | August 04, 2022

AbCellera and Atlas Venture announced a multi-target partnership to discover therapeutic antibodies for up to three drug targets that can be developed and commercialized by a stealth-stage Atlas-backed company. The collaboration leverages Atlas’ proven track record in forming innovative biotechnology companies and AbCellera’s unique ability to quickly deliver lead drug candidates to bring transformational new medicines to patients faster. "AbCellera’s clinically validated platform lets us start discovery in a virtualized model that aligns well with our capital efficient investment strategy. This partnership supports our approach to value creation by allowing us to focus on building companies that aim to deliver impactful medicines to patients.” Steven Robinette, Ph.D., Venture Partner at Atlas Venture “Atlas has proven expertise in finding and transforming innovative scientific research into exciting new biotechs,” said Carl Hansen, Ph.D., CEO and President of AbCellera. “By eliminating their need to build internal antibody discovery capabilities at inception, we provide newly launched biotech ventures with a competitive advantage that empowers them to move faster and increase their probability of success. We look forward to working alongside Atlas’ entrepreneurs to unlock their breakthrough science and create new therapies for patients in need.” Under the terms of the agreement, Atlas’ portfolio company will have the right to develop and commercialize therapeutic antibodies resulting from the collaboration. AbCellera will receive research payments and will be eligible to receive clinical and commercial milestone payments and royalties on net sales of products. About Atlas Venture Atlas Venture is a leading biotech venture capital firm. With the goal of doing well by doing good, we have been building breakthrough biotech startups for over 25 years. We work side by side with exceptional scientists and entrepreneurs to translate high impact science into medicines for patients. Our seed-led venture creation strategy rigorously selects and focuses investment on the most compelling opportunities to build scalable businesses and realize value. About AbCellera Biologics Inc. AbCellera is a technology company that searches, decodes, and analyzes natural immune systems to find antibodies that its partners can develop into drugs to prevent and treat disease. AbCellera partners with drug developers of all sizes, from large pharmaceutical to small biotechnology companies, empowering them to move quickly, reduce cost, and tackle the toughest problems in drug development.

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CELL AND GENE THERAPY

Sesen Bio and Carisma Therapeutics Announce Merger Agreement

Sesen Bio and Carisma Therapeutics | September 22, 2022

Sesen Bio, Inc. and Carisma Therapeutics Inc. a privately held, clinical stage biopharmaceutical company focused on discovering and developing innovative immunotherapies, announced that they have entered into a definitive merger agreement to combine the companies in an all-stock transaction. The combined company will focus on the advancement of Carisma’s proprietary cell therapy platform that utilizes engineered macrophages and monocytes to potentially transform the treatment of cancer and other serious disorders. Carisma is pioneering the development of chimeric antigen receptor macrophage therapies and is believed to be the only company developing CAR-M therapies with demonstrated proof of mechanism and safety data in clinical trials. The combined company is expected to operate under the name Carisma Therapeutics Inc. and trade on Nasdaq under the ticker symbol “CARM”. Carisma has also secured commitments from a syndicate of investors for a $30 million financing, including HealthCap, AbbVie, Wellington Partners, SymBiosis, Penn Medicine, TPG Biotech, MRL Ventures Fund, the therapeutics-focused corporate venture arm of Merck & Co., Agent Capital, Solasta, Livzon, Pictet Alternative Advisors and 4Bio, which is expected to close concurrently with the completion of the merger. With the cash expected from both companies at closing and the proceeds of the concurrent financing, the combined company is expected to have approximately $180 million in cash, cash equivalents and marketable securities. These cash resources are expected to be used to advance Carisma’s pipeline through multiple ongoing and planned key data readouts across several clinical trials and to fund operating expenses and capital expenditure requirements through 2024. The merger and related financing are expected to close in the next three to four months. “The proposed merger represents an exciting opportunity for shareholders of each company, and we believe it gets us one step closer to our goal of revolutionizing the field of immunotherapy. This transaction will provide us with financial strength to not only continue to develop our lead candidate CT-0508, but also allow us to accelerate the growth of our platform and pipeline within and outside of oncology and develop additional strong strategic partnerships beyond those we already have with Moderna and Novartis. Carisma is focused on delivering cutting-edge technology for patients in a way that has never been done before, and we look forward to advancing this important mission.” Steven Kelly, President and Chief Executive Officer of Carisma “This transaction represents the result of a thoughtful and careful review of strategic alternatives over the past four months, during which Carisma’s clinical programs, management team, and corporate strategy stood out amongst the 42 bids reviewed,” said Dr. Thomas Cannell, President and Chief Executive Officer of Sesen Bio. “Carisma is an exciting clinical-stage company with groundbreaking science and an impressive management team, which we believe makes them the optimal partner to provide value for our shareholders. Our mission at Sesen Bio has always been to save and improve the lives of patients with cancer, and we believe Carisma has the science and the unwavering patient focus required to make that mission a reality.” About the Proposed Merger Pre-merger Sesen Bio stockholders are expected to own approximately 41.7% and pre-merger Carisma stockholders are expected to own approximately 58.3% of the combined company, in each case before giving effect to the concurrent financing described above and the conversion of the outstanding Moderna convertible note. Under the terms of the merger agreement, stockholders of Carisma will receive newly issued shares of Sesen Bio common stock pursuant to an exchange ratio formula set forth in the merger agreement. The percentage of the combined company that Sesen Bio stockholders will own upon the closing of the merger is further subject to adjustment based on the amount of Sesen Bio’s net cash at the time of closing. Immediately prior to the closing of the proposed merger, Sesen Bio stockholders of record will be issued a contingent value right (CVR) for each outstanding share of Sesen Bio common stock held by such Sesen Bio stockholder as of such date, representing the right to receive certain cash payments from proceeds received by Sesen Bio related to the Roche Asset Purchase Agreement, if any, subject to customary deductions, including for expenses and taxes. SVB Securities is acting as exclusive financial advisor to Sesen Bio for the transaction and Hogan Lovells US LLP is serving as its legal counsel. Evercore Group LLC is serving as lead financial advisor to Carisma for the transaction and BofA Securities, Inc. is also serving as financial advisor to Carisma for the transaction. Wilmer Cutler Pickering Hale and Dorr LLP is serving as legal counsel to Carisma. BofA Securities, Inc. and Evercore Group L.L.C. are serving as co-placement agents for Carisma’s concurrent financing and Shearman & Sterling LLP is serving as the placement agents’ legal counsel. About Sesen Bio Sesen Bio, Inc. is a late-stage clinical company focused on targeted fusion protein therapeutics for the treatment of patients with cancer. Sesen Bio’s most advanced product candidate, Vicineum™, also known as VB4-845, is a locally-administered targeted fusion protein composed of an anti-epithelial cell adhesion molecule antibody fragment tethered to a truncated form of Pseudomonas exotoxin A for the treatment of non-muscle invasive bladder cancer. On July 15, 2022, Sesen Bio made the strategic decision to voluntarily pause further development of Vicineum in the US. The decision was based on a thorough reassessment of Vicineum, which included the incremental development timeline and associated costs for an additional Phase 3 clinical trial, following Sesen Bio’s discussions with the United States Food and Drug Administration. Sesen Bio has turned its primary focus to assessing potential strategic alternatives with the goal of maximizing shareholder value. Additionally, Sesen Bio intends to seek a partner for the further development of Vicineum. About Carisma Therapeutics Carisma Therapeutics Inc. is a biopharmaceutical company dedicated to developing a differentiated and proprietary cell therapy platform focused on engineered macrophages, cells that play a crucial role in both the innate and adaptive immune response. The first applications of the platform, developed in collaboration with the University of Pennsylvania*, are autologous chimeric antigen receptor (CAR)-macrophages for the treatment of solid tumors. Carisma Therapeutics is headquartered in Philadelphia, PA.

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CELL AND GENE THERAPY

ElevateBio and the University of Pittsburgh Announce Creation of Pitt BioForge BioManufacturing Center at Hazelwood Green

ElevateBio | August 26, 2022

ElevateBio, LLC and the University of Pittsburgh announced that they have entered into a long-term strategic partnership to accelerate the development of highly innovative cell and gene therapies. Through this agreement, ElevateBio will locate one of its next BaseCamp process development and Good Manufacturing Practice manufacturing facilities in Pittsburgh, fully equipped with its enabling technologies, including gene editing, induced pluripotent stem cell and cell, vector, and protein engineering capabilities. The University of Pittsburgh has long been a research powerhouse and is consistently among the top U.S. institutions in National Institutes of Health research funding. The Richard King Mellon Foundation announced a $100 million grant to the University of Pittsburgh in November 2021 to create the Pitt BioForge BioManufacturing Center at Hazelwood Green. The grant was the largest single-project grant in the Foundation's 75-year history. The University of Pittsburgh and ElevateBio BaseCamp intend to locate the new technology-enabled process development and GMP manufacturing facility at Pitt BioForge at Hazelwood Green to further innovation in the Pittsburgh region. The new facility is expected to generate more than 170 permanent full-time jobs, 900 construction jobs, and 360 off-site support jobs. “This announcement supports the region's rise as a leader in cell and gene therapy and advances our vision of bringing an entirely new commercial manufacturing sector to the area. The University of Pittsburgh is proud to partner with ElevateBio in this work, which will see us leveraging lessons from the lab—in new and exciting ways—for the benefit of human health.” Patrick Gallagher, Chancellor of the University of Pittsburgh “To realize our vision of transforming the cell and gene therapy field for decades to come, broadening our footprint across metropolitan areas is a key priority for us, and we are thrilled that the University of Pittsburgh will be home to one of our BaseCamp facilities,” said David Hallal, Chairman and Chief Executive Officer of ElevateBio. “We’ve identified Pittsburgh as an ideal location to extend our BaseCamp presence as it sits at the intersection of science, technology, and talent. We are grateful for the support of the Governor and County Executive as we bring the first-of-its-kind offering we have built at ElevateBio BaseCamp to advance the work of the entire biopharmaceutical industry.” Pitt Senior Vice Chancellor for the Health Sciences, Dr. Anantha Shekhar, continued by saying, “We have some exceptional emerging research coming out of the University of Pittsburgh. However, the missing ingredient has been access to high-quality process science and manufacturing capabilities. As we position ourselves to become the next global hub for life sciences and biotech, we were in search of the right partner to help us realize our vision, and ElevateBio’s expertise and reputation in cell and gene therapy made them the perfect partner to accelerate our ability to build our biomanufacturing center of excellence.” “This partnership between two national life-science powerhouses – the University of Pittsburgh and ElevateBio - is a consequential step forward in realizing our shared vision to make Pittsburgh a national and international biomanufacturing destination,” said Sam Reiman, Director of the Richard King Mellon Foundation. “Pitt BioForge is a generational opportunity to bring extraordinary economic-development benefits to our region, and life-changing cell and gene therapies to patients - distribution that will be accelerated and enhanced by Pitt’s partnership with UPMC. ElevateBio could have chosen to locate its next biomanufacturing hub anywhere in the world; the fact they are choosing to come to Pittsburgh is another powerful validation of our region, and the Pitt BioForge project at Hazelwood Green.” “We are excited that Pitt, working with UPMC Enterprises, has attracted ElevateBio to this region,” said Leslie Davis, President and Chief Executive Officer of UPMC. “The company’s expertise and manufacturing capabilities, combined with Pitt research and UPMC’s clinical excellence, are essential to delivering the life-changing therapies that people depend on UPMC to deliver.” In addition, the Commonwealth of Pennsylvania and the County of Allegheny have provided incentive grants to ElevateBio in support of this partnership to build a biomanufacturing center and establish Pittsburgh as a premier biomanufacturing destination. “This announcement is continued verification of Pittsburgh's ability to attract new and emerging companies that provide economic opportunities in the life sciences field. The University of Pittsburgh and its medical school are a magnet for that ecosystem and along with this region's quality of life and investment in innovation, we continue to see businesses choosing Pittsburgh,” said County Executive Rich Fitzgerald. “The creation of the Innovation District, and the many companies that call it home, continue to provide great opportunities for talent to fill jobs across the ecosystem's pipeline. We welcome ElevateBio to our region and look forward to all that you will do here as part of this great ecosystem.” About ElevateBio ElevateBio is a technology-driven company built to power the development of transformative cell and gene therapies today and for many decades to come. The company has assembled industry-leading talent, built state-of-the-art facilities, and integrated diverse technology platforms, including gene editing, induced pluripotent stem cells (iPSCs), and protein, vector, and cellular engineering, necessary to drive innovation and commercialization of cellular and genetic medicines. In addition, BaseCamp in Waltham, MA, is a purpose-built facility offering process innovation, process sciences, and current Good Manufacturing Practice (cGMP) manufacturing capabilities. It was designed to support diverse cell and gene therapy products, including autologous, allogeneic, and regenerative medicine cell products such as induced pluripotent stem cells, or iPSC, and viral vector manufacturing capabilities. Through BaseCamp and its enabling technologies, ElevateBio is focused on growing its collaborations with industry partners while also developing its own portfolio of cellular and genetic medicines. ElevateBio's team of scientists, drug developers, and company builders are redefining what it means to be a technology company in the world of drug development, blurring the line between technology and healthcare. About the University of Pittsburgh Founded in 1787, the University of Pittsburgh is an internationally renowned leader in health sciences learning and research. A top 10 recipient of NIH funding since 1998, Pitt has repeatedly been ranked as the best public university in the Northeast, per The Wall Street Journal/Times Higher Education. Pitt consists of a campus in Pittsburgh—home to 16 undergraduate, graduate and professional schools — and four regional campuses located throughout Western Pennsylvania. Pitt offers nearly 500 distinct degree programs, serves more than 33,000 students, employs more than 14,000 faculty and staff, and awards 9,000 degrees systemwide. About the Richard King Mellon Foundation Founded in 1947, the Richard King Mellon Foundation is the largest foundation in Southwestern Pennsylvania, and one of the 50 largest in the world. The Foundation’s 2021 year-end net assets were $3.4 billion, and its Trustees in 2021 disbursed $152 million in grants and Program-Related Investments. The Foundation focuses its funding on six primary program areas, delineated in its 2021-2030 Strategic Plan.

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