An emerging drugs firm which relocated to the North East will progress the development of a new generation of biological therapeutics after securing a £700,000 investment.
Glythera Ltd, which specialises in the development of biological therapeutics and vaccines, moved from Bath into Newcastle’s INEX incubator facility in June 2012 after winning an initial £600,000 investment.
The firm, a spin-out from the University of Bath, secured the money from venture capital firm IP Group and its managed fund, the Finance for Business North East Technology Fund, and the move north resulted in the creation new research and development positions, including the appointment of Dr David Simpson as chief operating officer.
A year on, the company has announced it has achieved a number of technical and commercial milestones resulting in the release of a second tranche of funding totalling £700k from its managed fund and the venture capitalists.
And with the financial support from IP Group, Glythera is continuing to establish itself within the region, demonstrating its commitment to growth by creating seven new jobs.
The first tranche of cash was used by the company to continue the development of a new generation of biological therapeutics including its core technologies, Permalink and Permacarb, work which will continue with the second tranche.
A third tranche of investment will be made available once further technological progress has been made and commercial traction successfully achieved.
The company said the INEX incubator facility is ideally placed within the North East which is fast-becoming one of the top ten places in the world to do science-based business.
The additional investment coincides with Glythera strengthening its board of directors with the addition of Cassie Doherty from IP Group.
Doherty 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.
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 ground breaking biological therapeutics for the benefit of the pharmaceutical industry.”
Chief operating officer Dr David Simpson added: “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.”