The Venture Codex

Participated · Series A · Jan 2023

Lifecore Biomedical is a fully integrated CDMO that develops, fills, and finishes complex sterile injectable pharmaceutical products in syringes and vials and manufactures premium injectable‑grade hyaluronic acid. The company brings more than 40 years of expertise supporting global and emerging biopharmaceutical and biotechnology customers. Lifecore is pursuing a strategic refocus and is in the final phases of divesting its non‑CDMO assets. Management reports strong demand for sterile injectables and plans to use new capital to support working capital, capital expenditures, repayment of indebtedness and general corporate purposes. The company has also amended its credit facilities to increase liquidity and obtain relief from certain financial covenants. Lifecore stated it will emphasize cost savings and driving free cash flow while meeting increased near‑ and longer‑term customer demand. Lifecore Biomedical is a fully integrated contract development and manufacturing organization (CDMO) offering development, fill and finish services for complex sterile injectable products in syringes and vials. The company is also a leading manufacturer of premium, injectable‑grade hyaluronic acid and brings more than 40 years of expertise. Lifecore partners with global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories. Management reports increased demand for specialized capacity to manufacture complex sterile injectables. To address that demand, Lifecore plans to ramp up capacity and move forward with equipment manufacturing milestones via vendor partnerships. The company intends to use recent financing proceeds for near‑term capital expenditures tied to that capacity buildout. The press release highlights support from long‑term stockholders as validation of Lifecore’s growth ambitions.