LGVN - InvestorNewsBreaks - Longeveron Inc. (NASDAQ: LGVN) Launches New Business Eyes Opportunity in Contract Manufacturing
Longeveron (NASDAQ: LGVN) is a clinical stage regenerative medicine biotechnology company developing cellular therapies for life-threatening and chronic aging-related conditions. The company today announced the launch of its contract development and manufacturing business at its 15,000-square-foot, state-of-the-art Good Manufacturing Practice (“GMP”) facility. In addition, the company 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 Longeveron CEO Wa’el Hashad. “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.”
To view the full press release, visit https://ibn.fm/dQkaV
About Longeveron Inc.
Longeveron is a clinical stage biotechnology company developing regenerative medicines to address unmet medical needs. The company’s lead investigational product is Lomecel-B(TM), an allogeneic medicinal signaling cell (“MSC”) therapy product isolated from the bone marrow of young, healthy adult donors. Lomecel-B has multiple potential mechanisms of action encompassing pro-vascular, pro-regenerative, anti-inflammatory, and tissue repair and healing effects with broad potential applications across a spectrum of disease areas. Longeveron is currently pursuing three pipeline indications: hypoplastic left heart syndrome (“HLHS”), Alzheimer’s disease, and Aging-related Frailty. For more information about the company, visit www.Longeveron.com.
NOTE TO INVESTORS: The latest news and updates relating to LGVN are available in the company’s newsroom at http://ibn.fm/LGVN
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