BroadOak-backed Astero Bio, a leading developer of biologics cryopreservation solutions, acquires key assets and rights related to MedCision, LLC’s ThawSTAR cell thawing system and BioT cold storage and transport solutions.
The full press release is below.
Astero Bio Acquires Key Technologies for the Management of Cryopreserved Biologics from BroadOak Capital Partners
MENLO PARK, Calif.–(BUSINESS WIRE)–Astero Bio Corporation, a leader in the development of innovative tools for cryopreserved biologics, and BroadOak Capital Partners, LLC, a privately held investment bank with a comprehensive focus on the life science industry, today announced a partnership in which Astero will acquire the former assets, and all related asset rights, of MedCision, LLC from BroadOak. In conjunction with the acquisition, Astero will receive growth capital investment from BroadOak.
Astero Bio acquires award-winning ThawSTAR Automated Cell Thawing Technology. #cellthawing #biotech
Astero Bio, founded in 2018 and headquartered in Menlo Park, is spearheaded by former critical members of the MedCision senior management team. With almost a century of combined successful corporate finance, R&D, and commercial experience, Astero has been preparing for commercial launch of several new patent-pending products applicable to the cell therapy industry in addition to those recently acquired via BroadOak. As an early investor in the assets transferred, BroadOak expertly navigated the legal process initiated by the former asset owner’s bankruptcy and extended diligent support to all parties involved. BroadOak recognized the immense value in the technology it initially invested in and remains steadfast in that belief.
Primary assets and related intellectual property acquired by Astero include the award-winning ThawSTAR Automated Cell Thawing System, a first-of-its-kind automated instrument created to de-risk thawing of live cell therapeutics. The cell thawing process is vital for preclinical and clinical biologics handling, and is now widely recognized to be one of the most crucial processes in cell therapy. In addition, Astero has acquired the BioT ultra-low temperature cold storage and transport solutions that improve critical logistic steps, manufacturing processes, and near-patient drug management.
Samuel Kent, Astero’s Co-Founder and Chief Executive Officer, stated: “Astero welcomes the opportunity to bring great technologies, like the ThawSTAR cell thawing system, back to market so that they may reach their full potential in enabling future medicines. Furthermore, Astero is pleased to have had the opportunity to significantly collaborate with BroadOak. We could not ask for a better partner in this transaction and additional financial backing.”
William Snider, Co-Founder and Partner for BroadOak Capital, commented: “We look forward to supporting Astero’s growth and innovation and are confident that this proven management team will deliver the ThawSTAR and other products back into the market which demands innovative solutions.”