‘We face 2023 with tremendous optimism’

The US company says its drug development and manufacturing platform offers the potential to transform the biologics industry. Lumen discovers, develops, and manufactures biologic drug candidates for highly prevalent diseases—many of which currently lack effective treatments.

Despite the challenging start to 2022 following the Russian invasion of Ukraine, waning investor sentiment in the biotech sector, and layoffs announced by other industry players, Lumen managed to do better than many when it came to financing last year, its chief executive, Brian Finrow, told us. The company secured $36m in new funding in the second half of 2022, including major new research grants and equity.

The Seattle-based oral biologics innovator also built out a second GMP plant last year and doubled its lab space. Coupled with that, the company has been expanding headcount, reporting growth across the clinical, GMP manufacturing, R&D, and quality teams.

We face 2023 with tremendous optimism,”​ said Finrow.

Commercial pipeline

Lumen’s drug development environment is rapid and cost effective compared to other pharma players, he stressed.  “That, in turn, means that the non-dilutive grant funding we get from foundations and government agencies goes a lot further. On top of the grant funding and the business development financing, we have managed to run the company on a break-even basis. [That operational strategy] gives us time to get some of our products approved and out there into the market, which is a much more stable way of funding and organization.”


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