Argonaut secures $45m to fulfill California fill/finish expansion

Contract development and manufacturing organization (CDMO) Argonaut Manufacturing Services announced it would use capital investment led by Telegraph Hill Partners to expand its manufacturing capabilities in Carlsbad in January 2023.

Now, the firm has completed a $45 million funding round led by NewVale Capital and other current investors to support its drug product fill/finish expansion. The plans have been underway since early 2023 and include a dedicated plant with an isolator-based filling line that Argonaut said “more than” quadruples its existing fill/finish capacity. Additionally, the company claimed the expansion increases its vial filling capabilities with the option to pre-fill syringes and cartridges for both clinical and commercial supply.

“Argonaut is uniquely positioned to address the manufacturing challenges that biopharma innovators face related to sterile fill/finish of complex and high-value drug products. We remain laser focused on leveraging our experienced team’s commitment to flexibility and client satisfaction while prioritizing quality and compliance,” Wayne Woodard, founder and CEO of Argonaut said.

“The recent commitment from NewVale Capital and the continued support of Telegraph Hill Partners paves a straight path to capacity expansion and fulfillment of our mission to become the world’s best drug product manufacturing solutions provider for our clients.”

“We are thrilled to partner with Telegraph Hill to support the experienced team at Argonaut, building upon their strong foundation,” said Todd Holmes, Managing Partner of NewVale Capital.  “For years, small- and medium-sized biopharma companies have struggled to find reliable, high-quality fill/finish capabilities from providers that prioritize their molecules.  With this capital infusion, we can further enable Argonaut’s mission that no innovator, regardless of size, should be waitlisted behind larger pharma or be forced to compromise on quality when trying to bring critical therapies to patients.”

The CDMO offers a wide range of biopharmaceuticals, such as monoclonal antibodies (mAbs), peptides, proteins, small molecules, and oligonucleotides. Additionally, the firm’s facilities are all Food and Drug Administration (FDA) registered.

“The recent consolidation in the aseptic fill / finish market has highlighted the need for additional capacity to ensure patients have uninterrupted access to critical lifesaving and life-extending therapies,” commented Chris Duffy, senior vice president and general manager of Biopharma Services at Argonaut. “

Argonaut anticipates the facility and equipment to be fully validated next year.