OXFORD, England, February 10 Glide Pharma, a specialtypharmaceutical company focused on the needle-free administration of soliddose therapeutics and vaccines, today announced that it has completed anoversubscribed GBP2.7 million ($4.3 million) investment round. Thefundraising was supported by a number of existing institutional and privateinvestors, including Hygea VCT and Oxford Technology VCTs. The company hasnow completed four successful investment rounds, securing funding totallingapproximately GBP10 million. Glide will use the new funds to progress itsin-house Glide octreotide programme into clinical development and to continuescale-up of its commercial manufacturing process.
The investment follows the recent successful clinical proof-of-concept ofGlide Pharma's proprietary solid dose injector, the Glide SDI(R). Theclinical study, conducted in 18 subjects with a solid dose formulation of theanalgesic fentanyl, confirmed that the Glide SDI can safely and quicklydeliver accurate doses into the systemic circulation, demonstrating thepotential of the Glide technology in the $2 billion per annum breakthroughpain market. Throughout the study, administration with the needle-free GlideSDI avoided the bruising and bleeding associated with needle and syringedelivery.
"The completion of this oversubscribed fundraising is a cleardemonstration of our investors' confidence in the Glide technology and theadvantages it can offer both patients and our partners in the pharmaceuticalindustry," said Dr Charles Potter, Glide Pharma's CEO. "Glide has made greatprogress recently, having achieved clinical proof-of-concept with ourproprietary solid dose injection system, and extending our pipeline ofprogrammes with pharmaceutical partners. We aim to build on this strongfoundation in the coming months by accelerating our second in-house project,Glide octreotide, into the clinic."
About Glide Pharma
Glide Pharma is a specialty pharmaceutical company focused on the easy,safe and convenient administration of solid dose formulations of therapeuticsand vaccines. The company has a range of in-house and partnered programmesbased on its proprietary needle-free solid dose injector, the Glide SDI(R).
Glide has a strong management team with extensive experience of thepharmaceutical, biotechnology and medical device sectors. The company hassuccessfully completed four investment rounds, and is supported by aconsortium of institutional and private technology investors, includingOxford Capital Partners, Hygea VCT and Oxford Technology Venture CapitalTrusts.
About the Glide SDI(R) solid dose injector
The Glide SDI is an innovative needle-free delivery system. The reusableinjector utilises a spring mechanism to rapidly administer medicines, in theform of a tiny granule supplied in a pre-filled disposable cassette, belowthe patient's skin where it dissolves and enters the circulation.
The one-click action, pen-sized device is extremely easy to use, makingit ideal for self administration. In clinical testing, volunteers stronglypreferred the Glide SDI to the traditional needle and syringe. Additionally,Glide solid dose formulations offer the potential to improve the stabilityand to modify the release of medicines into the bloodstream, avoidtime-consuming reconstitution and eliminate the risk of needle-stick injuries.Contacts Charles Potter CEO Glide Pharma Tel: Tel: +44(0)8700-853700 Rob Budge RJB Communications +44(0)1865-760969 Mobile: +44(0)7710-741241 http://www.glidepharma.com
SOURCE Glide Pharma