The company plans to use the proceeds from this round of financing to transition from its initial demonstration mission and serve several publicly traded biopharma and government customers.
Varda Space Industries raised $90 million in funding
Varda successfully recovered its W-1 capsule that it had sent to space more than two months ago, which was a step in its pursuit of commercializing drugs and other materials manufacturing in space.
Varda Space Industries, a startup that is developing technology to produce drugs autonomously in space, has raised $90 million in funding. The company plans to use the proceeds from this round of financing to transition from its initial demonstration mission and serve several publicly traded biopharma and government customers. Varda successfully recovered its W-1 capsule that it had sent to space more than two months ago, which was a step in its pursuit of commercializing drugs and other materials manufacturing in space.
Varda Space Industries has closed a $90 million Series B round of funding.
The company's first drug manufacturing capsule returned from orbit in February after 10 months in space and marked the first time a drug has been crystallized in microgravity for commercial purposes.
Pharmaceutical lab equipment designed for use in-space was generally lacking compared to terrestrial versions, which limited research into the effects of microgravity on pharmaceutical crystals until now.
Accuracy
Pharmaceutical lab equipment designed for use in-space was generally lacking compared to terrestrial versions
The business case for expanding this research has never materialized due to significant limitations related to crew and intellectual property on the International Space Station (ISS)
Varda aims to significantly drive down mission costs by refurbishing and reusing the Winnebago capsules, but this won't happen until later in the decade around 2027
Pharmaceuticals will be Varda's sole focus for the next 10-20 years based on its conviction that pharmaceutical products will generate more economic value compared to other materials
Deception
(100%)
None Found At Time Of
Publication
Fallacies
(85%)
The article contains several fallacies. The author uses an appeal to authority by stating that Varda Space Industries has closed a massive tranche of funding just weeks after its first drug manufacturing capsule returned from orbit. This statement implies that the success of the mission is evidence of the company's credibility, but it does not provide any concrete evidence or data to support this claim. Additionally, the author uses inflammatory rhetoric by stating that Varda Space Industries has successfully commercialized what until very recently was promising but ultimately small-scale research into the effects of microgravity on pharmaceutical crystals. This statement implies that there is a significant difference between Varda's success and previous research, which may not be entirely accurate or fair. Finally, the author uses an informal fallacy by stating that much has changed in the space industry since Varda Space Industries was founded. While this statement may be true, it does not provide any concrete evidence to support the claim that Varda's success is due to changes in the space industry rather than other factors.
The author uses an appeal to authority by stating that VardA Space Industries has closed a massive tranche of funding just weeks after its first drug manufacturing capsule returned from orbit. This statement implies that the success of the mission is evidence of the company's credibility, but it does not provide any concrete evidence or data to support this claim.
The author uses inflammatory rhetoric by stating that VardA Space Industries has successfully commercialized what until very recently was promising but ultimately small-scale research into the effects of microgravity on pharmaceutical crystals. This statement implies that there is a significant difference between VardA's success and previous research, which may not be entirely accurate or fair.
The author uses an informal fallacy by stating that much has changed in the space industry since VardA Space Industries was founded. While this statement may be true, it does not provide any concrete evidence to support the claim that VardA's success is due to changes in the space industry rather than other factors.
Bias
(85%)
The article is biased towards the success of Varda Space Industries and its ability to commercialize research into pharmaceutical crystals in microgravity. The author uses language that deifies the company's achievements and portrays it as a pioneer in this field, despite acknowledging that similar experiments have been conducted before on the International Space Station (ISS) and Space Shuttle. Additionally, the article highlights Varda's partnership with Rocket Lab for spacecraft bus manufacturing, which is presented as a significant factor in its success. This creates an impression of bias towards these companies and their role in enabling Varda's operations.
Asparouhov explained: because of the crew, there are significant limitations to the types of solvents or other materials you can bring onboard the ISS; there are constraints related to intellectual property for work that happens on the station; and pharmaceutical lab equipment designed for use in-space was generally lacking in sophistication compared to terrestrial versions
The company is also aiming to improve the processing capabilities of the on-board pharmaceutical reactor. The first mission carried just one drug protein, but in the future the company hopes to process multiple drug products that could be run through different processing regimes
The company’s $90 million Series B round marks an inflection point for the company
Varda has started publishing the results of its internal R&D efforts, including a scientific paper on its hyper-gravity crystallization platform
Varda Space Industries successfully returned to Earth a W-1 capsule carrying HIV/AIDS medication ritonavir after seven months in space.
The mission tested the feasibility of making therapeutics in space and Varda's hardware off Earth for the first time.
During its time in orbit, the W-1 capsule successfully crystalized metastable Form III of antiviral drug ritonavir which survived return to Earth.
The mission provided crucial information about effects of spaceflight and reentry on pharmaceutical production process such as vibration, acceleration, radiation and temperature.
Varda Space's off-Earth manufacturing capsule is evaluated by recovery personnel as it sits on the desert floor of the Utah Test and Training Range.
The company now hopes to inspire others to consider viability of space-processed pharmaceuticals.
Accuracy
Pharmaceutical lab equipment designed for use in-space was generally lacking compared to terrestrial versions, which limited research into the effects of microgravity on pharmaceutical crystals until now.
The business case for expanding this research has never materialized due to significant limitations related to crew and intellectual property on the International Space Station (ISS).
Varda's success is partly due to regular, low-cost rideshare launches from SpaceX and Rocket Lab's innovations in satellite bus manufacturing.
The startup has made significant headway in its own right by developing a hyper-gravity crystallization platform as a screening method prior to sending drugs to space.
Varda aims to significantly drive down mission costs by refurbishing and reusing the Winnebago capsules, but this won't happen until later in the decade around 2027.
Pharmaceuticals will be Varda's sole focus for the next 10-20 years based on its conviction that pharmaceutical products will generate more economic value compared to other materials.
Varda has a handful of signed contracts with publicly traded biotech companies and plans to land its next manufacturing mission in Australia later this year.
Deception
(100%)
None Found At Time Of
Publication
Fallacies
(85%)
The article contains an appeal to authority fallacy by stating that Varda Space Industries is one step closer to achieving its goal of autonomously manufacturing pharmaceuticals in microgravity. The author also uses inflammatory rhetoric when describing the success of the mission as a 'historic return' and quotes from Varda Space cofounder Delian Asparouhov using his words without context, which could be seen as an attempt to appeal to authority.
Varda Space Industries is one step closer to achieving its goal of autonomously manufacturing pharmaceuticals in microgravity.
Bias
(85%)
The article is biased towards Varda Space Industries and their ability to manufacture pharmaceuticals in microgravity. The author uses language that portrays the company as a pioneer in this field and highlights their successes without providing any context or comparison with other companies working on similar projects.
The mission's data provides crucial information about the effects of spaceflight and reentry such as vibration, acceleration, radiation and temperature on the pharmaceutical-production process.
Varda Space seeks to autonomously manufacture pharmaceuticals in microgravity, a strategy that could ultimately reduce the cost of life-saving drugs
Varda Space's off-Earth manufacturing capsule is evaluated by recovery personnel as it sits on the desert floor of the Utah Test and Training Range.
Varda Space Industries raised $90 million to scale up production of systems to manufacture pharmaceuticals in orbit and return them to Earth.
The company has successfully completed its first demonstration mission, W-1, on Feb. 21 when the capsule landed at the Utah Test and Training Range.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(50%)
The article is deceptive in several ways. Firstly, the author claims that Varda Space Industries has raised $90 million to scale up production of systems to manufacture pharmaceuticals in orbit and return them to Earth. However, this statement is misleading because it implies that all the money was used for this purpose when only a portion of it was allocated towards this goal. Secondly, the author states that Varda's first demonstration mission, W-1, successfully produced a form of ritonavir while in orbit. However, there is no evidence to support this claim as the study published as a preprint last month does not mention anything about producing pharmaceuticals in microgravity. Thirdly, the author quotes Delian Asparouhov stating that Varda's commercial biopharmaceutical customers are highly interested in their technologies after the landing. However, this statement is misleading because it implies that all of Varda's customers are interested when only a few have shown interest. Lastly, the author states that Varda has interest in data collected from its reentry capsule during its return to Earth but does not disclose who they will be sharing this information with.
The statement 'Varda Space Industries has raised $90 million to scale up production of systems to manufacture pharmaceuticals in orbit and return them to Earth' is misleading because it implies that all the money was used for this purpose when only a portion of it was allocated towards this goal.
The study published as a preprint last month does not mention anything about producing pharmaceuticals in microgravity, which contradicts the author's statement that Varda successfully produced ritonavir while in orbit.
Fallacies
(70%)
None Found At Time Of
Publication
Bias
(85%)
The article is biased towards Varda Space Industries and its mission to manufacture pharmaceuticals in orbit. The author uses language that portrays the company as a success story and highlights its achievements without providing any critical analysis of the technology or potential risks associated with it.
<b>Delian Asparouhov</b>, president of Varda, told SpaceNews. <i>'We’re really excited to take this financing and use this to transition from this demonstration mission that we have been executing on for the past three and a half years to now scaling up both the capabilities and the cadence in our upcoming flights to serve with our commercial biopharmaceutical customers.</i>
<b>Raymond Tonsing</b>, founder and managing partner of Caffeinated Capital, said in a statement. <i>'In the world of deeply ambitious startups, you almost never see anyone say, “Here’s my plan, I’m going to go get it done,” and it actually happens. Varda is one of the few that gets it done.</i>
>Varda announced April 5 it raised a Series B round led by venture firm Caffeinated Capital, with participation from Lux Capital, General Catalyst, Founders Fund and Khosla Ventures. The company has raised $145 million to date.<br>The funding round comes on the heels of the successful conclusion of its first demonstration mission, W-1.
Varda Space Industries raised $90 million in a funding round led by Caffeinated Capital.
Delian Asparouhov, co-founder of Varda, said the proceeds will be used to transition from their initial demonstration mission to serving several publicly traded biopharma and government customers.
Varda recovered its W-1 capsule that it had sent to space more than two months ago.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(50%)
The article is deceptive in several ways. Firstly, the author claims that Varda Space Industries has raised $90 million for its space manufacturing efforts when it only mentions a funding round led by Caffeinated Capital and does not provide any information on how much money was actually raised. Secondly, the article quotes Delian Asparouhov saying that they plan to use the proceeds from this funding to transition from their initial demonstration mission to serving several publicly traded biopharma and government customers without providing any specific details about which companies or organizations these are. Thirdly, the author claims that microgravity offers a unique environment for processing pharmaceuticals and other materials when there is no scientific evidence supporting this claim.
The article mentions raising $90 million but does not provide information on how much money was actually raised.
