PolyTherics Ltd, a London, UK-based solution provider to biopharmaceutical companies for the improvement of protein and peptide based drugs, has raised £2.15m in funding.
The round was led by existing investor Imperial Innovations Group plc (AIM: IVO), which committed £1.2m, with participation from new backer ProVen Health VCT Plc., which injected £0.75m, and current shareholder YFM Equity Partner’s The Capital Fund (£0.2m).
With the investment, which follows a £3m financing in February 2010 and a £2.3m financing in June 2007, Imperial Innovations Group will hold a 38.6% stake in the company.
Led by CEO John Burt, PolyTherics has developed three proprietary technologies for attaching the polymer Polyethylene Glycol (PEG) to therapeutic peptides and proteins. This process, known as PEGylation, slows the elimination of drugs from the body, thereby improving their duration of action and allowing them to be dosed less frequently, which can decrease side effects and improve patient compliance.
PolyTherics has already applied its PEGylation technology to a range of existing proteins and peptides, as well as novel protein scaffolds, avoiding the need to reengineer the protein sequence and achieving site-specific conjugation with a highly efficient process.
The company intends to use the funds to apply its technologies to an expanding range of proteins and peptides and to pursue new applications, such as providing a more stable linker for antibody and protein drug conjugates.