Aspect Biosystems Ltd., a Vancouver startup developing 3-D printing technology for live tissue implants, has secured US$115 million in funding. The investment will support the advancement of novel treatments towards human trials. Dimension Management LP led the round, with participation from Radical Ventures, Pangaea Ventures, Rhino Ventures, Pallasite Ventures, Breakthrough T1D, and Novo Nordisk A/S. Novo Nordisk has also secured an exclusive global license to Aspect's technology for developing up to four products targeting diabetes and obesity, with the potential deal reaching US$2.6 billion in milestone payments and royalties.
Aspect is one of a group of up-and-coming Vancouver-area companies leading a renaissance in the region’s life sciences sector and bent on establishing the West Coast city as a major player in the global pharmaceutical industry. Aspect Biosystems CEO Tamer Mohamed, left, and chief technology officer Simon Beyer pose for a photograph in Vancouver, on Oct. 8, 2021.Aspect Biosystems Ltd.
“Aspect is the embodiment of the multidisciplinary companies that we believe will define the next chapter of biotech,” Dimension’s San Francisco-based managing partner, Nan Li, said in a statement. Aspect has created its own 3-D printers to produce synthetic tissues composed of living cells derived from stem cells and hydrogel polymers. The tissues are meant to be implanted in people with impaired pancreases or livers – replacing, repairing or supplementing the functions of the organs within minutes once the circulatory system fuses into the material.
Aspect CEO and co-founder Tamer Mohamed said the financing came together quickly last fall in a process that brought forward multiple bidders. “We’re quite fortunate for that, particularly against the backdrop of a very difficult market” for biotechnology companies, which remains challenging for fundraising more than three years into a downturn, he said.
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