FDA-approved Grand River Aseptic Manufacturing (GRAM; Grand Rapids, MI) has announced that it has successfully closed a $9.8 million financing round.
The privately held contract manufacturer provides manufacturing services for the aseptic filling of vials and syringes for the pharmaceutical market. The debt and equity fundraising effort was led by the Municipal Employees' Retirement System (MERS) of Michigan, supported by other Michigan- and Indiana-based investors.
"This funding enables us to expand our capabilities, improve our facility, and advance our customer reach, all while creating more highly technical, high-paying jobs in West Michigan," said Tom Ross, GRAM president. "We are delighted with the strong investor response, especially by MERS."
MERS of Michigan says it is one of the 200 largest pension funds in the United States, and has a nearly $9 billion investment program. "We are proud to be investing in Michigan's renaissance," said Jeb Burns, MERS chief investment officer. "By having a large, diversified portfolio, we have the ability to seek superior risk-adjusted returns among numerous global investment options. GRAM represents a unique opportunity right here at home – world class talent, a blue chip roster of customers, and advanced manufacturing that will lead our state's economy.."
GRAM is a contract manufacturer of sterile injectable drugs. The company is approved by FDA for aseptic manufacturing with and without terminal sterilization. With its state-of-the-art cleanroom and highly trained staff, GRAM offers services including sterile product development and manufacture, as well as analytical and microbiological services.
GRAM's 11,400-sq-ft cGMP FDA registered facility includes a Class 100 aseptic filling suite and a Class 10,000 processing area. The company specializes in pre-clinical, phase I through III clinical trials, and small-scale commercial production quantities. It offers sterile product development and manufacture, lyophilization, terminal sterilization and analytical and microbiological services for clinical, small scale, and commercial-stage products, and has recently added sterile powder and syringe-filling capabilities.
Stephen Levy is a contributor to Qmed and MPMN.
