Life sciences company spins off biotech firm, raises $5M
INDIANAPOLIS (Inside INdiana Business) — The first business to spin off of Indianapolis-based biotechnology company Cook Regentec has secured $5 million in growth capital.
Sexton Biotechnologies, also based in Indy, said it will use the funding to expand and scale the commercialization of its portfolio.
Sexton Biotechnologies produces container closure and media supplementation tools used for cell and gene therapy bioproduction. In a news release, the company said it plans to continue building on its platform.
“The opportunity to work closely with partners of such deep expertise in the cell and gene therapy industry will drive new focus to continue our growth, “said Sean Werner, president of Sexton Biotechnologies. “This new round of investment gives us additional resources to further develop and support our unique products while strengthening our connections in the thriving Indiana life sciences sector through the relationship with BioCrossroads,” Indiana’s life sciences initiative.
The funding was provided by Washington-based BioLife Solutions Inc. (Nasdaq: BLFS) and New York-based Casdin Capital, as well as Cook Regentec and BioCrossroads. Werner says it plans to work with BioLife Solutions to utilize its sales and marketing expertise.
Sexton Biotechnologies said it plans to complete its spinoff from Cook Regentec on Oct. 1 and become independent. The company will lease production and office space at Cook Regentec’s facility in the 16 Tech innovation district through 2024.