Ohio-based CRO-CDMO AmplifyBio has permanently closed its operations, citing unfavorable market conditions for advanced therapies.
The decision comes after months of “tireless efforts” to explore all investment and acquisition possibilities, according to a statement on the company’s website.
The startup, which was spun off from Battelle, a nonprofit research center, in May 2021, launched at a time where market conditions were favorable for early phase drug development in mRNA and cell and gene therapies. Now, according to AmplifyBio, “that market sector has experienced a significant shift over the last couple of years leading to a scarcity of investor financing for early-stage biotech companies, which greatly impacted the ability to grow.”
AmplifyBio had offered varied operating models, including full outsourcing, a full ‘hoteling’ model, and a hybrid collaborative model. The company had announced the grand opening of a Manufacturing Enablement Center in New Albany, Ohio in February 2024.
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