Member Article

Newcastle biotechnology firm unlock £700k funding

A Newcastle-based biotechnology firm has landed £700k of investment and created seven new jobs.

Glythera Ltd specialise in biological therapeutics, and after achieving a number of technical and commercial milestones has unlocked the second tranche of funding from the Finance for Business North East Technology Fund managed by IP Group.

Following an initial investment of £600,000 in April 2012, the funds have been used to develop a new generation of biological therapeutics.

The firm has developed two products that will be used to create drugs with unprecedented biological stability, bioavailability and therapeutic efficacy.

A third tranche of funding is expected after further technological progress has been made.

Dr Baxter said: “Glythera is a shining example of how a spin out company can be successfully brought to commercialisation. 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 groundbreaking biological therapeutics for the benefit of the pharmaceutical industry.”

The additional investment coincides with Glythera consolidating its board of directors with the addition of Cassie Doherty from IP Group.

CEO 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 commercialisation of our products and maximise the opportunities available to us in the market.”

This was posted in Bdaily's Members' News section by Tom Keighley .