Midatech Ltd., a global leader for the design, development, synthesis and manufacture of nanomedicines, announced today it has raised £6.3 million through a private investment round.
This financing will be used to strengthen and diversify Midatech's product development portfolio, especially in oncology. It will be used to support clinical development of chemotherapeutic gold nanoparticles designed to target ovarian, lung and breast carcinoma and to support development of therapeutic cancer vaccines in SynTara, a joint venture with Immunotope Inc. The funding will also be used to expand the capacity of Midatech's resources to accommodate its expanding development portfolio. In November 2011, Midatech received regulatory approval for a first-in-human study of MidaForm™ insulin delivered transbuccally. Phase I results are expected in Q1 2012.
"This funding reflects on the excellent work that Midatech has achieved in advancing its programs through preclinical development and targeting specific compounds for drug delivery by gold nanoparticles", commented Prof. Thomas Rademacher, CEO and Chairman of Midatech, adding, "In addition to its advanced diabetes program currently being commercialized in MidaSol Therapeutics LP, a joint venture with MonoSol Rx, Midatech is now well funded to expand its activities to encompass other disease indications, by initiating several programmes in oncology."
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