Contract Research and Manufacturing Organization Paragon Bioservices Raises $13 Million

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The company receives backing to continue its work in research services, process development, and cGMP manufacturing activities.

Contract and manufacturing research organization Paragon Bioservices announced on Oct. 28, 2014 that it has raised $13 million in Series A Preferred Stock financing led by NewSpring Capital and Camden Partners. The partnership will help Paragon, a CRO-CMO that specializes in the production and purification of monoclonal antibodies, recombinant proteins, viral vectors, and vaccines, bring biologic pharmaceuticals to market and accelerate growth.

In a press release, Paragon CEO Marco Chacon said on the company’s role in the partnership, "With 120 highly skilled and dedicated employees—including a multidisciplinary team of scientists—we will leverage our extensive expertise in applied research and process engineering, leading the way in the most challenging and promising areas of preclinical and Phase I and II drug discovery and development."

Paragon’s growth opportunities lie in antimicrobial strategies and food safety, says NewSpring Capital, and Paragon already has a strong position in the vaccine, technology, and biologics markets.