Business
Senti Bio Announces Closing of Transaction Leveraging its CMC Capabilities into a Cell and Gene Therapy Manufacturing Innovation Business Backed by Celadon Partners
– Celadon Partners to acquire Senti’s manufacturing facility and CMC capabilities to establish GeneFab, an independent manufacturing business for cell and
About this update from Senti Biosciences Holdings, Inc.
[{"type":"text","content":"– Celadon Partners to acquire Senti’s manufacturing facility and CMC capabilities to establish GeneFab, an independent manufacturing business for cell and gene therapies – – Transaction anticipated to extend Senti Bio’s cash runway into Q4 2024 – – Partnership with GeneFab will support manufacturing of Senti’s oncology programs, including SENTI-202, which remains on track for IND in 2H 2023 – – Dr. Philip Lee steps down as CTO of Senti Bio and becomes CEO of GeneFab – SOUTH SAN FRANCISCO, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Senti Biosciences, Inc. (Nasdaq: SNTI) (“Senti Bio”), a biotechnology company developing a new generation of cell and gene therapies for patients living with incurable diseases using its proprietary Gene Circuit platform, and Celadon Partners, LLC (“Celadon Partners”), a private equity firm, today announced a transaction involving GeneFab, LLC (“GeneFab”), a new independent contract manufacturing and synthetic biology biofoundry focused on next-generation cell and gene therapies backed by Celadon Partners. In connection with the transaction, subject to satisfaction of certain conditions, Senti Bio is eligible to receive approximately $38 million in cash before the end of 2025. Approximately $18.9 million was due at closing, which was netted against an $18.9 million advance payment owed by Senti Bio to GeneFab for future manufacturing and support services. The remaining $18.9 million, subject to satisfaction of certain conditions, will be paid to Senti Bio in installments in 2024 and 2025. In addition, Senti Bio will receive $8 million in manufacturing credit, and will sublease its recently constructed 92,000 square foot current good manufacturing practice (cGMP) facility in Alameda, CA to GeneFab (a portion of which will be subject to the satisfaction of certain conditions). With the additional non-dilutive capital and reduction of longer-term operating expenses, Senti Bio now believes its cash runway should extend into the fourth quarter of 2024. This transaction will enhance Senti Bio’s focus on advancing its oncology programs into the clinic, and also enable GeneFab to support the manufacturing of a broad range of genetic medicines. GeneFab will conduct the clinical manufacturing of Senti Bio’s chimeric antigen receptor natural killer (CAR-NK) medicines pipeline, including SENTI-202, through a servic...