PMI BioPharma Solutions Rebrands to August Bioservices, Closes Investment from Oak HC/FT to Accelerate Growth

PMI BioPharma Solutions, a contract development and manufacturing organization ("CDMO") providing drug discovery, development, and manufacturing services, today announced new funding from Oak HC/FT to expand its capabilities to become a specialized, one-stop-shop CDMO for clinical and commercial injectable therapies. PMI also unveiled its rebranding to August Bioservices and has augmented the company's expertise with the appointment of several industry executives to its leadership team. The new funding and expanded leadership team position August Bioservices to deliver best-in-class and highly flexible capabilities that span the research and development continuum and scale with customers' needs.

The company is currently exploring sites to build a state-of-the-art facility, which will expand its capabilities to include sterile fill-finish and lyophilization for late stage clinical and commercial work. These new capabilities will complement August Bioservices' full range of contract services for customers in the pharmaceutical and biotechnology space.

The company also announced several important senior appointments, including Jenn Adams as CEO; Mats Bjoerkman as CFO; Joe Mase as EVP of Operations; Brad Leach as SVP of Commercial Development. Together with the company's existing team of top-tier scientific and industry experts, these veteran healthcare leaders will drive August Bioservices' next phase of growth.

"I'm thrilled to lead August Bioservices at such an important time in the company's growth," said Jenn Adams, CEO of August Bioservices. "Our new funding, leadership team, and rebrand mark a turning-period for the company as we look to advance our customers' drug discovery, development and manufacturing projects. Our leading research and development platform, combined with growing demand from our pharmaceutical and biotechnology customers for expanded manufacturing services, provides a solid foundation to grow and scale our capabilities."

Prior to joining August Bioservices, Jenn Adams was SVP & President for the Clinical Product Solutions business at AmerisourceBergen and has served in healthcare leadership positions for more than 30 years. She has extensive experience leading, transforming, and driving growth in both Fortune 500 public and private equity-backed companies.

"We're excited to invest in the growth of August Bioservices and continue our long-time partnership with Jenn as she accelerates the company's path to success," said Andrew Adams, Co-Founder and Managing Partner at Oak HC/FT. "The opportunity ahead of August is immense given the growth and size of the sterile injectables manufacturing category and increasing mix of complex therapies that require injectable formulation. With new funding and a top-tier team of life science experts, August Bioservices is well positioned to serve the large and growing need in the market."

ABOUT AUGUST BIOSERVICES

August Bioservices today is a team of highly experienced scientists and professionals, providing a comprehensive service offering to advance drug discovery, pharmaceutical development, and clinical manufacturing for the pharmaceutical and biotechnology industries. August Bioservices is uniquely positioned to support individual projects, or to serve as an extension of its customers' development teams. August Bioservices is planning to scale its manufacturing capabilities to support late-stage clinical and commercial liquid and lyophilized filling demand, to help support projects from clinical development to commercial launch.

ABOUT OAK HC/FT

Founded in 2014, Oak HC/FT is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.9 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.