Q Chip Ltd, a Cardiff, Wales, UK-based biopharmaceutical company developing
innovative sustained release injectable depot formulations, has raised £2m in the first close of a planned £3m funding round.
The financing, which was led by Curzon Park Capital and Finance Wales, brings the total amount raised by the company to date to £7.5m (approximately US$11.5m). In December 2009, the company received £1m in venture capital funding.
Q Chip has developed a suite of manufacturing devices which enable the benign processing of polymer/drug formulations into mono-dispersed microspheres for subcutaneous, intra-muscular/ocular administration.
These devices are compatible with a wide range of therapies including small molecules, peptides, oligonucleotides, proteins and cells.
The company intends to use the funds to scale-up its encapsulation technology platform, Q-Sphera TM, to meet current Good Manufacturing Practice (cGMP) standards for the production and manufacture of its sustained release peptide and protein therapeutics.
This will allow Q Chip to increase levels of production to support the preclinical development of Q-Leuprolide and Q-Octreotide depots as well as partnered projects.