LGVN - Longeveron® Announces Contract Development and Manufacturing Business and First Contract | Benzinga
- Contract manufacturing services as a new business line has the potential to generate approximately $4-5 million in annual revenues
- First manufacturing services contract signed with Secretome Therapeutics
MIAMI, June 03, 2024 (GLOBE NEWSWIRE) -- Longeveron Inc. (NASDAQ:LGVN), a clinical stage regenerative medicine biotechnology company developing cellular therapies for life-threatening and chronic aging-related conditions, today announced the launch of its contract development and manufacturing business at the Company's 15,000 square feet state-of-the-art Good Manufacturing Practice (GMP) facility. This facility contains 3,000 square feet of cleanroom space, including eight ISO 7 cleanrooms and ancillary areas, as well as 1,150 square feet of process development, quality control and warehousing space. The Company also announced the initiation of work under its first manufacturing services contract with Secretome Therapeutics, a biotechnology company developing first-in-class therapeutics from neonatal mesenchymal stem cells (nMSC).
"We are delighted to partner with Secretome Therapeutics to advance their portfolio of therapeutics in this, our first contract manufacturing agreement in a new, revenue generating business line," said Wa'el Hashad, Chief Executive Officer of Longeveron. "With cellular therapy manufacturing expertise and capabilities in high demand, and Longeveron's strength in both, we see a significant opportunity to employ currently unused capacity in our state-of-the-art GMP facility. We have assembled a team of experts and proprietary technologies that enable us to take a systematic approach to rapidly develop improved cell therapies. Longeveron's manufacturing expertise, capabilities and facility provide other pharmaceutical organizations the ability to advance their development programs without building their own manufacturing facility. We believe this contract manufacturing opportunity can expand our team's experience and has the potential to generate approximately $4-5 million in annual revenues once it is up and running fully."
"Our platform of neonatal stem cell-based therapeutics has the potential to revolutionize treatment for a wide range of chronic, inflammatory diseases," said Vinny Jindal, President and Chief Executive Officer of Secretome Therapeutics. "As we move our lead product, STM-01, into clinical studies for HFpEF and dilated cardiomyopathy this year, we look forward to tapping into Longeveron's extensive cellular therapy knowledge and manufacturing expertise, which has supported the launch of multiple clinical studies."
Longeveron is primarily focused on advancing development of its lead investigational therapeutic candidate, Lomecel-BTM, a proprietary, scalable, allogeneic cellular therapy, across multiple indications, including hypoplastic left heart syndrome (HLHS) ...