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United Therapeutics

ApplicationSilver Spring, Maryland, USAFounded 1996· One of 381 Application companies tracked by AMPulse

Biotechnology company developing photopolymer-based 3D bioprinting systems (Print to Perfusion) for manufacturing vascularized, transplantable human organs with patient-derived stem cells, plus five FDA-approved drugs for pulmonary hypertension and oncology

CEO / Founder
Martine Rothblatt
Team Size
501-1000
Stage
Public
Total Funding
Publicly Traded
Latest Round
IPO
Key Investors
Public Investors, Private Investors, Deutsche Banc Alex. Brown (IPO underwriter)

Technology & Products

Key Products

Remodulin (treprostinil) Injection - PAH, FDA approved 2002/2004; Tyvaso (treprostinil) Inhalation Solution - PAH, FDA approved 2009; Tyvaso DPI (treprostinil) Inhalation Powder - PAH/PH-ILD, FDA approved; Orenitram (treprostinil) Extended-Release Tablets - PAH, FDA approved 2013; Adcirca (tadalafil) Tablets - PAH, FDA approved 2009; Unituxin (dinutuximab) Injection - Neuroblastoma/Oncology, FDA approved 2015; Print to Perfusion - Advanced photopolymer-based bioprinting technology for organ scaffolds

Technological Advantage

Proprietary photopolymer bioprinting process in partnership with 3D Systems; patent-protected bioprinting methodology; unique approach combining 3D printing with patient-derived stem cell cellularization; enables manufacturing of complex, vascularized organs previously impossible; positioned to disrupt $40B+ global organ transplant market by eliminating donor organ scarcity

Differentiation

Value Proposition

Print to Perfusion bioprinting technology enables full-size, micron-level organ scaffolds printable in ~3 weeks; cellularized with patient's own stem cells eliminates need for immunosuppression and organ rejection risk; unlimited scalable supply vs. donor organ scarcity

How They Differentiate

Unique Print to Perfusion photopolymer-based bioprinting vs. inkjet/extrusion competitors; demonstrated vascularized organ capability (44 trillion voxel lungs); patient-derived stem cell cellularization eliminates immunosuppression requirement; 3-week production timeline for full-size organs; strategic partnership with 3D Systems for manufacturing expertise; $2.5B+ annual revenue base funds R&D advantage

Market & Competition

Target Customers

Organ transplant patients; pulmonary hypertension patients; neuroblastoma patients

Industry Verticals

Pharmaceutical/Biotechnology; Medical Devices; Regenerative Medicine; Organ Transplantation; Additive Manufacturing

Competitors

Organovo; Aspect Biosystems

Growth & Milestones

Growth Metrics

5 FDA-approved drugs generating $2.5B+ annual revenue; 501-1,000 employees; $15B+ market capitalization (2024-2025); bioprinting lung scaffolds with animal model gas exchange capability; 3D-printed organ scaffold production time: 3 weeks

Major Milestones

Founded 1996 by Martine Rothblatt (motivated by daughter's PAH diagnosis); IPO June 17, 1999 (NASDAQ: UTHR, priced at $12/share); Remodulin FDA approval 2002 (subcutaneous) and 2004 (IV); Tyvaso FDA approval 2009; Orenitram FDA approval 2013, commercial launch 2014; Unituxin FDA approval 2015 (oncology); 3D Systems bioprinting partnership announced 2017; 3D printed human lung scaffold revealed June 2022 (Print to Perfusion technology); Demonstrated gas exchange in animal models (3D Systems partnership, 2023-2024); Founder/CEO Rothblatt insider buying spree driving >$15B market cap (2024-2025)

Notable Customers

Pulmonary hypertension patients (global market, 3M+ diagnosed); Organ transplant recipients (global shortage: 10,000+ annual deaths on waitlists); Healthcare systems (EVLP lung perfusion service providers)

https://www.unither.com

Why this company matters

United Therapeutics operates at the intersection of pharmaceutical revenue and regenerative medicine, using its $2.5B+ annual drug business to fund a long-term bet on bioprinted organs. Its Print to Perfusion platform, developed with 3D Systems, uses photopolymer binder jetting to fabricate full-size lung scaffolds containing 44 trillion voxels, 4,000 km of pulmonary capillaries, and 200 million alveoli. The process takes roughly three weeks per organ and is designed to be cellularized with the patient's own stem cells, theoretically eliminating the need for immunosuppression.

The company's primary end market is organ transplantation, a field where over 10,000 patients die annually in the U.S. alone while waiting for donors. United Therapeutics has demonstrated gas exchange in animal models using bioprinted lung scaffolds, a milestone that differentiates it from inkjet- or extrusion-based bioprinting competitors such as Organovo and Aspect Biosystems. The technology targets the $40B+ global organ transplant market by offering scalable, on-demand production.

United Therapeutics also holds five FDA-approved drugs for pulmonary hypertension and one for neuroblastoma, providing a stable revenue base that funds its bioprinting R&D. Its partnership with 3D Systems supplies manufacturing expertise for the photopolymer bioprinting process, while subsidiaries Lung Biotechnology PBC and Revivicor handle cellularization and ex-vivo lung perfusion. The company's public market capitalization exceeded $15B in 2024-2025, supported by insider buying from CEO Martine Rothblatt.

The key open question is clinical translation: no bioprinted organ has yet been implanted in a human. United Therapeutics must navigate FDA regulatory pathways for combination products and prove long-term viability of vascularized scaffolds. If successful, the platform could disrupt the donor organ supply chain; if not, it remains a high-cost R&D project funded by drug profits.