Jeff Wolf, CEO of Scorpius Holdings Inc., an integrated CDMO, has released a letter to shareholders in which he provides a corporate update.
 
“Over the past several years, we have made significant investments designed to establish Scorpius as a leading biologic manufacturing CDMO,” Wolf remarks.
 
Notably, the company has expanded its mammalian and microbial production capability to enable it to offer a broad range of biologic manufacturing services to its customers. Its investments and ongoing efforts have already resulted in a threefold increase in revenue for the first half of 2024. Scorpius Holdings’ current sales pipeline now includes more than $100 million in weighted opportunities across the biopharmaceutical and government sectors.
 
Furthermore, the company recently completed a financing, raising approximately $14.4 million in gross proceeds.
 
“These funds will enable us to better service our existing clients as well as attract larger prospective customers as we diversify our customer base with a strong mix of commercial and government opportunities,” Wolf says. “Additionally, we have started transitioning several key clients from the process development phase into full-scale manufacturing, enabling an additional revenue stream and marking a significant shift in our operational focus.
 
Moving forward, Wolf believes that Scorpius is now well-poised to service new and existing clients, expand its service offering and achieve positive cash flow in the near future.
 
“We’ve built and staffed a state-of-the-art CDMO with a scalable and high-margin business model. Scorpius’ profile and reputation for quality biomanufacturing is indeed growing in the industry. With the closing of this financing, we are now well positioned to deliver significant returns to our shareholders in the years to come,” Wolf concludes.