Q Chip Limited, a Carfiff, UK-based bio-pharmaceutical company developing innovative sustained-release drug formulations for cancer and other diseases, has completed a US$6m Series C financing round.
The second close of this financing (the first close was held in September 2010) was led by Limburg Ventures and Nedermaas Hightech Ventures, with participation from existing shareholders Disruptive Capital Finance, Finance Wales and individual investors including Q Chip’s Executive Chairman and biotech entrepreneur Ken Powell, venture capitalist Jon Moulton and entrepreneur Sir Harry Solomon.
The funds will be used for manufacturing and commercialisation of the company’s bio-encapsulation and drug delivery platform, which enables the development of long acting injectable therapeutics with tailored sustained-release profiles and improved administration.
The company also intends to utilize the capital to establish a sterile pharmaceutical production facility at its new European manufacturing subsidiary, Q Chip BV, located on the Chemelot Campus in the Limburg region of the Netherlands.
FinSMEs
20/05/2011