UK biotechnology firm Glythera receives funding boost of £700,000
Investment will progress the development of a new generation of biological therapeutics using advanced glycosylation technologies
Glythera, a spin-out biotechnology company from the University of Bath, has achieved a number of technical and commercial milestones, which has resulted in the release of a second tranche of funding totalling £700,000 from IP Group and its managed fund, the Finance for Business North East Technology Fund.
Glythera, which is developing 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 to continue the development of these therapeutics, as well as its Permalink and Permacarb technologies.
Glythera reached its technical and commercial targets ahead of schedule including the validation of the Permalink technology and establishment of partnerships with four pharmaceutical companies.
Glythera is a shining example of how a spin out company can be successfully brought to commercialisation
A third tranche of investment will be made available once further technological progress has been made and commercial milestones successfully achieved.
Glythera is based in the Newcastle-upon-Tyne INEX incubator facility. With the financial support from IP Group, Glythera 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. Doherty completes a team of three that comprises the board of directors at Glythera including Anthony Baxter, CEO of Cyprotex and Chairman of Equinox Pharma and William Bains, who represents Bath University.
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 instalment of funding it has shown that it is capable of developing innovative technology in a challenging market.’