Glide Pharma Completes Â£14.0 Million ($21.4 Million) Fundraising For Scale Up Of Drug And Device Manufacturing Processes And Product Development
OXFORD, England, February 26, 2013 /PRNewswire/ --
Glide Pharma, the pharmaceutical development and device company focused on the needle-free administration of solid dose formulations, today announced that it has completed a £14.0 million ( $21.4 million) investment round. The fundraising was led by funds managed by Invesco Perpetual and supported by existing investors. To date, Glide Pharma has successfully completed five funding rounds raising approximately £24.9 million.
Glide Pharma will use the funds to scale up the manufacturing process for its proprietary Glide SDI® solid dose injector system, including both the drug product and device. This includes the validation of an aseptic pilot-scale production line for clinical testing, and scale up for the manufacture of Glide SDI® device components. The funds will also progress the development of the company's in-house programmes, which include epinephrine and parathyroid hormone.
"I am delighted to welcome Invesco Perpetual to Glide Pharma as an important new investor in this transformational fundraising. This substantial investment round clearly demonstrates the confidence our shareholders have in our innovative technology, and its potential to revolutionise the delivery of therapeutics and vaccines," said Mark Kirby, Glide Pharma ' s Chairman. "This fundraising follows recognition of Glide's novel technology by the UK government-backed Biomedical Catalyst scheme, which awarded the company £2.3 million funding for the development of a novel formulation of teriparatide (parathyroid hormone) for the treatment of osteoporosis."The UK Biomedical Catalyst, which was announced by Prime Minister David Cameron in December 2011, is managed jointly by the Medical Research Council and the Technology Strategy Board. About the Glide SDI ® solid dose injector The Glide SDI® is an innovative needle-free delivery system. The reusable injector uses a spring mechanism to administer a tiny solid dosage below the patient's skin, where it dissolves and releases the pharmaceutical. Glide's solid dose formulations eliminate the risk of needle-stick injuries and avoid time-consuming reconstitution. They also have the potential to modify the release of medicines and to improve stability, removing the need for refrigeration. The one-click action, pen-sized device is extremely easy to use, with medicines supplied in pre-filled disposable cassettes, making it ideal for self administration. In clinical testing, volunteers strongly preferred the Glide SDI® to traditional needle and syringe.
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