Bioengineering [Reshoring Tracker]

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Bioengineering professionals looking at microscope

Bioengineering, which applies engineering design and principles to biological systems, promises to transform healthcare as we know it.

Today, cell therapies are helping to treat patients with rare diseases; Phage therapy is serving as an alternative to antibiotic treatment; robotic surgery is enabling doctors to perform a higher number of minimally invasive surgeries; and advances in tissue engineering are helping scientists better understand the impacts of certain diseases, health treatments, and lifestyle changes.

But we’ve barely scratched the surface of what’s achievable. Indeed, the field of bioengineering is a hotbed of innovation, with talk of 3D-printed blood vessel transplants, telesurgeries, and eradicating the world’s most common diseases.

The Bioengineering Business Is Booming in the U.S.

In 2010, CNN reported that biomedical engineering would be the fastest-growing occupation in the United States, driven by the demand for new treatments for diseases and the increasingly higher expectations of aging patients to maintain an active lifestyle.

The publication was right to predict a bioengineering boom. Today, there are 2,880 biotechnology businesses in the U.S. and the industry continues to create new and exciting opportunities for bioengineers and associated workers. Between 2019 and 2020, when COVID-19 impacted various sectors, the biotech industry experienced double-digit annual growth in fundraising from VCs and deals such as partnerships, co-developments, and joint ventures.

Looking ahead, employment of bioengineers and biomedical engineers is projected to grow 10% from 2021 to 2031, faster than the average for all occupations.

The industry also has ongoing support from the Biden Administration. In September 2022, President Joe Biden outlined how a $2 billion investment would be used to advance his National Biotechnology and Biomanufacturing Initiative. This initiative is designed to create new jobs, decrease prices, bolster supply chains, lower carbon emissions, and improve health outcomes.

As much as $1 billion will go to bioindustrial domestic manufacturing infrastructure, $68 million will be used to train the next generation of research and education professionals, and $40 million will expand the role of biomanufacturing for active pharmaceutical ingredients (APIs), antibiotics, and the key starting materials needed to produce essential medications and respond to pandemics.

Below, we provide the latest news on bioengineering businesses in the United States. The most recent updates will appear at the top of the article.

December 2022

Celgene Named Among 15 Most Creative Companies in the World

In December 2022, Yahoo names Celgene as one of the 15 most creative companies in the world. The New Jersey-based American pharmaceutical company develops treatments for plasma cell cancer, anemia, ovarian cancer, and leukemia.

In 2019, the company was acquired by pharmaceutical giant Bristol Myers for a staggering $79 billion — making it the largest deal ever for the pharmaceutical industry.

Vertex Invests in Entrada Therapeutics

In December 2022, American biopharmaceutical company Vertex announces it would invest $250 million in fellow Boston-based biotechnology company Entrada Therapeutics. This investment works to develop treatments for myotonic dystrophy type 1, or DM1, a rare muscle disease.

The investment will earn Vertex the right to develop DM1 drugs created through Entrada’s Endosomal Escape Vehicle, or EEV technology platform.

Opna Bio Launches with $38 Million Series A Financing

Opna Bio announced it raised $38 million in Series A financing. The San Francisco-based biopharmaceutical company is focused on developing novel oncology therapeutics. This funding will go toward developing “novel fragile-X mental retardation protein (FMRP) inhibitors in oncology,” as well as a rich pipeline of validated oncology drugs.

November 2022

Columbia University Launches Dual Dentistry, Engineering Degree Program

To prepare the next generation of dental science leaders for advances in bioengineering, Columbia University launched a new dual degree program: the Doctor of Dental Surgery/Doctor of Philosophy in Biomedical Engineering (DDS/PhD). This first-of-its-kind program will welcome its first cohort in 2023.

“We need more dental scientists who can adapt and translate basic science findings into dental health care applications,” said Sunil Wadhwa Leuman M. Waugh, DDS Associate Professor of Orthodontics.

July 2022

Vow Food Puts Crocodile on the Menu

Advances in bioengineering aren’t limited to a medical setting. The field is also supporting the rise of cell-based meat.

Regarding lab-cultivated meat, Vow Food believes there is an opportunity to explore new and unconventional forms of meat. The company already has a quail-type product it cultivated in a lab but hopes to add more adventurous types of meat, such as crocodile and alpaca. CEO George Peppou believes that consumers will adapt to the lab meat concept if they’re getting something they don’t already have.

Boston Named Top Biotech Hub for 2022

Boston has long been recognized as the leading city for biotech startups and activity, and 2022 was no different. According to CBRE research, more than nine million square feet of new lab space is currently under construction, with 4.6 million due to be converted in the coming months.

San Francisco and San Diego were also named biotech hubs.

June 2022

Third Rock Ventures Closes $1.1 Billion Fund

Healthcare venture firm, Third Rock Ventures, closed a $1.1 billion fund that will be used to create ten new biotechs.

The company has not revealed details of what kind of companies they’re looking to build. Since its founding in 2007, it has invested in 60 companies including Sage Therapeutics, Editas Medicine, Constellation Pharmaceuticals, and Flare Therapeutics.

January 2022

Eikon Therapeutics Announces It Raised $517.8 Million in Series B Funding

California-based Eikon Therapeutics announced it closed a $517.8 million Series B financing. The drug discovery company uses engineering and high-performance computing to study “single-molecule protein behavior in living cells.”

Roger M. Perlmutter, MD, PhD, CEO, and Chairman of the Board of Eikon Therapeutics said, “With the support of our investors, we continue to make dramatic progress in the industrialization of our live-cell imaging platform.”

August 2021

FDA Approves First COVID-19 Vaccine

In August 2021, the U.S. Food and Drug Administration (FDA) approved the first COVID-19 vaccine. The vaccines approved by the FDA must undergo stringing quality, safety, and effectiveness reviews.

“While millions of people have already safely received COVID-19 vaccines, we recognize that for some, the FDA approval of a vaccine may now instill additional confidence to get vaccinated,” said Acting FDA Commissioner Janet Woodcock, M.D.

July 2021

Xilis Raises $70 Million Series A Financing

North Carolina-based Xilis’ MicroOrganoSphere (MOS) technology guides precision therapy for cancer patients and accelerates drug discovery and development. In July, it announced the closing of a $70 million Series A financing.

“Our vision is to transform cancer care in diagnostics and reshape drug development by providing a technology for rapid therapeutic profiling,” said Xiling Shen, PhD, founder, and CEO of Xilis.

May 2021

Dyno Therapeutics Closes $100 Million Series A Financing

Dyno Therapeutics, which is pioneering an artificial intelligence (AI) powered approach to gene therapy, announced a $100 million Series A financing.

The financing will support the build of Dyno’s CapsidMap platform to design improved vectors targeting liver, muscle, eye, and central nervous system (CNS) disease, as well as growing into new areas of lung, heart, and kidney disease.

In 2022, the Massachusetts-based company was recognized on the Forbes list of America’s Best Startup Employers 2022.

January 2021

Lexeo Therapeutics Secures $85 Million in Series A Cash

Lexeo Therapeutics, a New York-based gene therapy company, secured $85 million in a Series A funding round.

Lexeo’s lead programs target Alzheimer’s disease, Friedreich’s ataxia, and Batten’s disease. CEO Nolan Townsend, who previously led rare disease work at Pfizer, said “the vision we have for gene therapy is it will eventually move to larger diseases, and we have the pipeline to support that vision.”

“A meaningful portion” of this funding will be invested in manufacturing, which is often a bottleneck in gene therapy.

November 2020

Umoja Biopharma Launches with $53 Million Series A Funding

Umoja Biopharma is a Seattle-based biotechnology company pioneering an integrated vivo immunotherapy platform. On November 2020, it announced the completion of a $53 million Series A financing.

The company’s integrated platform can reprogram the immune system in a patient’s body to target cancer cells and generate lasting remissions.

Pfizer, BioNTech Announce Vaccine Candidate Against COVID-19 Achieved Success

Pfizer and BioNTech announced that their vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection.

“Today is a great day for science and humanity,” said Dr. Albert Bourla, Pfizer Chairman and CEO. “The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19.”

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