Glide Pharma announces completion of $21.4 million investment round
Published on February 26, 2013 at 5:49 AM
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."