London, 7 September 2011 - PolyTherics Limited (“PolyTherics”), a solution provider to biopharmaceutical companies for the improvement of protein and peptide based drugs, has raised £2.15 million of new finance. The funds will be used to apply the company’s proprietary polymer-protein conjugation technologies to an expanding range of proteins and peptides and to pursue new applications of these technologies. The financing round was led by Imperial Innovations Group plc (AIM: IVO), with participation from existing investor The Capital Fund, which is managed by YFM Equity Partners, and new investor Proven Health VCT PLC (LON: PHV).
Commenting on the funding, John Burt, Chief Executive Officer of PolyTherics, said: “Having recently taken up the reins at PolyTherics, I am delighted to have successfully completed this fundraising to provide a platform for the Company’s further growth. Applying our linker chemistry to novel biomolecules at an early stage can improve their properties so development can proceed with greater confidence that their biological properties will translate into therapeutic benefit.”
PolyTherics has successfully applied its PEGylation technology for half-life extension to a range of proteins and peptides, including interferons, blood factors and a variety of antibody formats, including antibody fragments (Fabs), single chain antibodies (scFv), as well as novel protein scaffolds. Avoiding the need to reengineer the protein sequence and achieving site-specific conjugation with a highly efficient process are key advantages of PolyTherics’ TheraPEG™ technology. Through collaborations, including research programmes, feasibility studies, exclusive options and licence agreements, PolyTherics is working with a growing portfolio of companies to bring forward an increasing number of new medicines.
This investment follows on previous financing rounds in 2007 and 2010 which raised £5.3 million from Imperial Innovations, Longbow Capital and The Capital Fund.
PolyTherics is a private UK biotech company with technologies that enable the development of better biopharmaceuticals. PolyTherics has developed three proprietary technologies for attaching the polymer poly(ethylene glycol) (PEG) to any therapeutic peptide or protein in a targeted fashion. PEGylation slows elimination from the body, thereby improving half-life and potentially reducing drug treatment frequency, decreasing side effects and improving patient compliance.
PEGylated products derived from PolyTherics’ technologies are more homogeneous than those derived from traditional methods, resulting in reduced complexity of downstream processing, more consistent product quality and cost-effective manufacture. PEGylation is an established method for improving drugs and ten PEGylated products are already approved for therapeutic use worldwide.
PolyTherics commercial relationships include an option and licence agreement concluded in May 2011 with Nuron Biotech Inc. (USA) for the development of a long-acting interferon beta for the treatment of multiple sclerosis utilising PolyTherics’ TheraPEG™ technology.
For more information, please visit: www.polytherics.co.uk
For more information:
Tim Watson, Nicole Yost
Tel: +44 (0)207 866 7861