Midatech Ltd., a Abingdon, UK-based company that designs and manufactures nanomedicines, raised £10m in new equity funding.
The round was led by Ippon Capital SA, a Geneva-based private equity firm, which committed £7.6m with the remainder coming from existing investors.
The company intends to use the funds to advance its core portfolio of product development programs for diabetes and cancer with the aim of commercializing these products via partnering and licensing agreements.
Midatech will also look to license out its novel GNP technology for new nano-medical applications in diagnostics and imaging and in non-core fields such as cosmetics and electronics.
The company’s core diabetes portfolio is being developed and commercialized through MidaSol Therapeutics LP, a joint venture formed with MonoSol Rx, a global leader in film drug delivery technology. Products include glucagon-like-peptide (GLP-1)-linked GNPs for the treatment of Type 2 diabetes mellitus and MidaForm™ insulin PharmFilm®, which uses insulin-linked GNPs (MidaForm insulin) formulated into PharmFilm, for the delivery of insulin through the inside of a patient’s cheek.
Phase IIa clinical studies with Midaform insulin PharmFilm, in diabetes patients, are expected to report results in the second half of 2014.
Founded in 2000 and led by Dr Jim Philips, CEO, Midatech has subsidiaries responsible for manufacturing and R&D in Bilbao, Spain and Basel, Switzerland.