Contract Research and Manufacturing Organization Paragon Bioservices Raises $13 Million

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.

Source:
PRNewswire