Glythera relocates to North East as part of £2M funding round.
Glythera, an emerging biopharmaceutical company specialising in protein/peptide functionalisation and glycosylation, has secured a fundraising round totalling £2M with IP Group, which will be tranched over the next three years.
The company, a spin-out from the University of Bath, has recently established commercial operations at Newcastle's INEX incubator facility, following an initial £600,000 investment split equally between IP Group and its managed fund, the Finance for Business North East Technology Fund.
The next two tranches will be of a similar size and are contingent on certain milestones being met.
Glythera's relocation has led to the immediate creation of new research and development positions in the North East of England including the appointment of Dr David Simpson as Chief Operating Officer. David has over 15 years of experience in the biopharmaceutical industry, having held senior technical, managerial and leadership positions centred on the development and manufacturing of biopharmaceutical products destined for worldwide approval. Further growth is anticipated over the next three years in line with the company's commercial and technical needs.
Dr Anthony Baxter, Glythera's Chairman, commented: "We are obviously delighted to close this funding round in what remains a challenging environment. Our ability to do this is testament to the strength of the Glythera technology, combined with the leadership and technical skills of our team."
David added: "Relocating to the North East makes a lot of sense for us, due to the region's strong pedigree in biomanufacturing, giving us the ideal base from which to partner with leading companies and attract a skilled workforce."
Duncan Lowery, Senior Investment Manager at IP Group, commented: "As David has mentioned, the North East has a real strength in biomanufacturing and the fact that Glythera is relocating here demonstrates that the industry continues to develop and expand apace.
"The technology being developed is highly innovative and could transform the use of vaccines and therapeutics. With a revolutionary product and extremely experienced management team, we're confident that Glythera will hit its targets and continue to build a reputation as a rising star within the pharmaceutical industry."
For more information on the Finance for Business North East Technology Fund, please visit: www.thenortheasttechnologyfund.com.