US-based protein therapeutics developer Just Biotherapeutics closed a $14m series A2 round on Monday backed by pharmaceutical companies Eli Lilly and Merck & Co.
Bill & Melinda Gates Foundation led the round, investing $8m, while Lilly Asia Ventures, a corporate venturing subsidiary of Eli Lilly, Merck and venture capital firm Arch Venture Partners contributed $2m each.
Just is developing technology that could cut the commercial cost of monoclonal antibodies in developing markets as well as anti-HIV antibodies that will be cheaper to manufacture.
The company will put the funding towards establishing new laboratory space and good manufacturing practice (GMP), and finishing a pilot production plant. The new funding follows the $15m round supplied by Lilly Asia Ventures, Merck and Arch Venture Partners in September 2015.
Jim Thomas, co-founder and CEO of Just, said: “We are grateful for this significant investment from the foundation, and for the loyal support of our series A investors.
“With this infusion of capital we will complete the build-out of our integrated lab infrastructure and add critical pilot plant and GMP manufacturing capabilities to Just.”