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Glide Pharma Completes Oversubscribed $4.3 Million Investment Round


2/10/2010 7:09:58 AM

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OXFORD, England, February 10 /PRNewswire/ -- Glide Pharma, a specialty pharmaceutical company focused on the needle-free administration of solid dose therapeutics and vaccines, today announced that it has completed an oversubscribed GBP2.7 million ($4.3 million) investment round. The fundraising was supported by a number of existing institutional and private investors, including Hygea VCT and Oxford Technology VCTs. The company has now completed four successful investment rounds, securing funding totalling approximately GBP10 million. Glide will use the new funds to progress its in-house Glide octreotide programme into clinical development and to continue scale-up of its commercial manufacturing process.

The investment follows the recent successful clinical proof-of-concept of Glide Pharma's proprietary solid dose injector, the Glide SDI(R). The clinical study, conducted in 18 subjects with a solid dose formulation of the analgesic fentanyl, confirmed that the Glide SDI can safely and quickly deliver accurate doses into the systemic circulation, demonstrating the potential of the Glide technology in the $2 billion per annum breakthrough pain market. Throughout the study, administration with the needle-free Glide SDI avoided the bruising and bleeding associated with needle and syringe delivery.

"The completion of this oversubscribed fundraising is a clear demonstration of our investors' confidence in the Glide technology and the advantages it can offer both patients and our partners in the pharmaceutical industry," said Dr Charles Potter, Glide Pharma's CEO. "Glide has made great progress recently, having achieved clinical proof-of-concept with our proprietary solid dose injection system, and extending our pipeline of programmes with pharmaceutical partners. We aim to build on this strong foundation in the coming months by accelerating our second in-house project, Glide octreotide, into the clinic."

About Glide Pharma

Glide Pharma is a specialty pharmaceutical company focused on the easy, safe and convenient administration of solid dose formulations of therapeutics and vaccines. The company has a range of in-house and partnered programmes based on its proprietary needle-free solid dose injector, the Glide SDI(R).

Glide has a strong management team with extensive experience of the pharmaceutical, biotechnology and medical device sectors. The company has successfully completed four investment rounds, and is supported by a consortium of institutional and private technology investors, including Oxford Capital Partners, Hygea VCT and Oxford Technology Venture Capital Trusts.

About the Glide SDI(R) solid dose injector

The Glide SDI is an innovative needle-free delivery system. The reusable injector utilises a spring mechanism to rapidly administer medicines, in the form of a tiny granule supplied in a pre-filled disposable cassette, below the patient's skin where it dissolves and enters the circulation.

The one-click action, pen-sized device is extremely easy to use, making it ideal for self administration. In clinical testing, volunteers strongly preferred the Glide SDI to the traditional needle and syringe. Additionally, Glide solid dose formulations offer the potential to improve the stability and to modify the release of medicines into the bloodstream, avoid time-consuming reconstitution and eliminate the risk of needle-stick injuries.

Contacts

Charles Potter CEO Glide Pharma Tel: Tel: +44(0)8700-853700

Rob Budge RJB Communications +44(0)1865-760969 Mobile: +44(0)7710-741241

http://www.glidepharma.com

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