KANNAPOLIS – The pharmaceutical company GENIXUS, based in a facility at the David H. Murdock Research Institute in Kannapolis, has closed $20 million in financing, and plans to allocate the new capital to support the development and commercialization of its portfolio of “novel ready-to-administer products for the hospital setting,” the firm noted in a statement.

CEO and cofounder Kendall Foster noted in the statement that the new financing will allow the company to “significantly accelerate our development programs and establish our manufacturing and commercial activities in preparation for product launches.”

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The company expanded its facility in 2021, and the funding will enable the company to add personnel and additional infrastructure, resulting in expanding capacity and manufacturing capabilities, the company statement said.

“This funding puts us in a great position to grow in 2022” said Seth Coombs, cofounder and chief commercial officer at GENIXUS, in a statement.  “With these funds, we can fast-track our efforts to simplify acute & critical care products to support optimal patient care across the United States.”