Paragon Bioservices – a contract research and manufacturing organization, has closed a $13 million round of Series A financing. The Baltimore company’s focused on biologics and vaccine work.
The financing was led by NewSpring Capital and Camden Partners.
Paragon CEO Marco Chacon described the fundraise as indicative of “an inflection point for the company,” now that it has 120 employees. The funding will help the company accelerate its work in the preclinical, Phase I and Phase II areas of drug discovery and development, he said in a statement.
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The company also just brought on a new COO, Pete Buzy, to its leadership team. The guy was formerly CFO of Martek Biosciences for 13 years, and helped orchestrate its $1.1 billion sale to Royal DSM.
“Market factors, including the consolidation of the pharmaceutical industry and the growth of virtual biotechnology companies, positions Paragon extremely well for the future,” Buzy said in a statement.