Glythera Ltd has announced that it has successfully achieved a number of technical and commercial milestones which has resulted in the release of a second tranche of funding totalling £700k from IP Group and its managed fund, the Finance for Business North East Technology Fund.
Glythera, a UK based spin out specializing in a new generation of biological therapeutics through advanced glycosylation technologies, received an initial investment of £600,000 in April 2012.
The funds have been used by the company to continue the development of a new generation of biological therapeutics including its core technologies - Permalink™ and Permacarb™.
These technologies will be used to create drugs with unprecedented biological stability, bioavailability and therapeutic efficacy.
Glythera reached its technical and commercial targets ahead of schedule including the validation of Glythera’s Permalink™ technology and establishment of partnerships with four pharmaceutical companies.
This demonstrates how the company is effectively managing the financial investment it has received. The third tranche of investment will be made available once further technological progress has been made and commercial traction successfully achieved.
Glythera is based in the Newcastle-upon-Tyne INEX incubator facility, ideally placed within the North East of England which is fast becoming one of the top ten places in the world to do science based business.
With the financial support from IP Group, Glythera is continuing to establish itself within the region and has demonstrated its commitment to growth with the creation of seven new jobs.
The additional investment coincides with Glythera consolidating its board of directors with the addition of Cassie Doherty from IP Group.
With a wealth of expertise and experience in commercial development Cassie’s appointment represents a significant benefit to the company in achieving specific business development related outcomes.
Cassie completes a team of three that comprises the board of directors at Glythera including CEO of Cyprotex and Chairman of Equinox Pharma Dr Anthony Baxter and William Bains representing Bath University.
Commenting on the investment Dr Baxter said, “Glythera is a shining example of how a spin out company can be successfully brought to commercialization. By meeting the criteria to receive the second installment of funding it has shown that it is capable of developing innovative technology in a challenging market. I am extremely pleased to be involved at this exciting time for the company and I look forward to continuing to working with the team as it leads the way in the development of ground breaking biological therapeutics for the benefit of the pharmaceutical industry.”
Chief Operating Officer Dr. David Simpson said, “We are delighted with the progress that has been made throughout the research and development process so far thanks to the expertise of the Glythera team in the discovery, development and manufacturing of complex biologics. This funding will enable us to continue with the commercialization of our products and maximize the opportunities available to us in the market.”