News & Notes | Expansion bucks for August Bioservices
Also on tap are two events in Johnson City, courtesy of FoundersForge.
August Bioservices has received $1 million in funding through the FastTrack program of the Tennessee Department of Economic and Community Development for further expansion. The money will be used to purchase equipment to create additional syringe filling manufacturing lines, according to Chief Executive Officer Jenn Adams. It will also be used to hire 90 new employees.
“It will enable us to automate many downstream processes that require it,” Adams said. “Things like inspection, labeling and packaging. We are adding fully automated lines for those processes to support the increased throughput that will come off the manufacturing line.”
August Bioservices is a private company with slightly more than 120 employees and a revenue stream of more than $40 million in 2023, according to an article that published in the Nashville Business Journal.
As spotlighted in this December 2022 post in teknovation.biz, thepharmaceutical contract development and manufacturing company secured $65 million in Series B funding led by Oak HC/FT. That’s the same firm that led August Bioservices’ Series A in July 2020. This round included participation from another existing investor, Polaris Partners.
August Bioservices was founded in 2020 after it acquired PMI BioPharma Solutions (see teknovation.biz post here).
From Johnson City:
FoundersForge is partnering with the AARP Foundation to bring a series of workshops focused on empowering older adults to create their own businesses or explore self-employment opportunities.
Titled “Work for Yourself@50+,” the first workshop in the series will be held from 10 a.m. to 12 noon EDT on October 31 at the Johnson City Chamber of Commerce. There is no cost to register, but pre-registration is required at this link.
“Work for Yourself@50+” addresses the growing concern of financial insecurity among older adults. With more than 20 million Americans at risk of inadequate income to meet their basic needs, this program offers a lifeline by equipping participants with the skills and knowledge necessary to embark on self-employment ventures.
The October 31 event will follow the “Startup Mountain Summit” that FoundersForge is organizing. The event, for which tickets are still available, begins with an opening reception October 25 and programming all day on October 26 and 27.
The Knoxville Entrepreneur Center is hosting a workshop from 6 to 8:30 p.m. EDT October 24 for entrepreneurs who would qualify to apply for the 100Knoxville program. Titled “Build Your Business,” the workshop is designed for Black entrepreneurs who are wanting to take their business to the next level, have a great idea but don’t know what to do next, or have so many ideas for the future but are unsure how to get them into action. To register, click here.
Two more from Nashville:
- Life Science Tennessee will host a “Beer & Biotech Meetup” from 5 to 7 p.m. CDT on October 25 at Tennessee Brew Works, 809 Ewing Avenue. It will be an opportunity to learn about an exciting life science company, connect with researchers, foster meaningful relationships with others and ignite business opportunities. Light bites and beverages will be provided. Suggested dress is business casual.
- The National Science Foundation (NSF) has awarded a team fromVanderbilt University, the University of Washington, and Woods Hole Oceanographic Institution funding to build an open cloud computing platform and cloud-deployed software package to enable broad access to glacial modeling within a high-performance computing environment.