MIAMI - Longeveron Inc. (NASDAQ: LGVN), a biotech company specializing in regenerative medicine, has announced the launch of a new contract manufacturing division, leveraging its existing GMP facility to provide development and manufacturing services to other pharmaceutical companies. The company's first contract has been signed with Secretome Therapeutics, a firm focused on developing therapeutics from neonatal mesenchymal stem cells.
This move marks Longeveron's expansion into a revenue-generating business line, which is expected to bring in an estimated $4-5 million annually once fully operational. The company's GMP facility boasts 3,000 square feet of cleanroom space, including eight ISO 7 cleanrooms, and is complemented by additional process development, quality control, and warehousing space.
Longeveron's CEO, Wa'el Hashad, expressed enthusiasm about the partnership with Secretome Therapeutics, highlighting the high demand for cellular therapy manufacturing expertise and the company's capacity to meet this need without requiring partners to build their own facilities.
Vinny Jindal, President and CEO of Secretome Therapeutics, also commented on the collaboration, looking forward to utilizing Longeveron's extensive knowledge in cellular therapy to advance their lead product, STM-01, into clinical studies for heart failure and cardiomyopathy.
While Longeveron continues to focus on its lead investigational therapeutic candidate, Lomecel-B™, for various aging-related and life-threatening conditions, the contract manufacturing services are poised to expand the company's experience and reach in the pharmaceutical industry.
The information for this article is based on a press release statement from Longeveron.
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