London, UK, 24 August 2010 – PolyTherics Limited (“PolyTherics”), an innovator in precision engineering of proteins and peptides, today announced it has moved to larger premises to accommodate a growing team of scientists developing biobetters and novel proteins and peptides, both in-house and in partnership with pharmaceutical and biotechnology companies.
Since its establishment in 2002, PolyTherics has grown from an initial staff of one to the current multi-national team of 30. This growth is being driven by the progress of its own biobetter programmes toward development and the increasing number of agreements that PolyTherics has in place to adapt and improve drugs for third parties. PolyTherics’ partners include Zealand Pharma and Celtic Pharma.
Dr Keith Powell, CEO of PolyTherics, commented that: “This expansion marks an important step in the growth of the Company. Having secured deals with a number of prestigious partners, the expansion will allow us to further develop our partnerships and ensure Polytherics is well placed for future growth. PolyTherics has always been a London-based company and we wish to maintain the advantages of being easily accessible to world-wide customers and collaborators. We are delighted that LBIC was able to accommodate our expansion and that we can continue to grow our business in London with their support.”
PolyTherics has been located in The London BioScience Innovation Centre (“LBIC”), which is owned and managed by the adjacent Royal Veterinary College (“RVC”), since 2006. The RVC has now refurbished part of another building that it owns so that LBIC can provide additional laboratory and office space to companies as they grow beyond the incubator space. PolyTherics is the first such company and is taking the whole of the first floor of this building.
Professor Colin Howard, CEO of LBIC said: “Since 2006 PolyTherics has become a cornerstone company of LBIC and we recognise the huge contribution it has made to our business community. It is immensely satisfying that LBIC was able to accommodate this expansion, particularly in light of the current economic climate. We will continue to support PolyTherics as a valued member of our client base.”
The Company’s postal address is unchanged and visitors should still come to the main LBIC reception at 2 Royal College Street, London NW1 0NH.
Notes to Editors:
About PolyTherics Ltd (www.polytherics.co.uk)
PolyTherics is a biopharmaceutical company that applies precision chemistry to develop improved protein and peptide-based drugs. The Company has been based in the London Bioscience Innovation Centre (LBIC) since 2006. It received investment of £2.3 million from Imperial Innovations Group plc, Longbow Capital LLP and The Capital Fund in June 2007 and a further £3.0 million investment from the same syndicate in February 2010.
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 nine PEGylated products are already approved for therapeutic use worldwide.
Contact
College Hill Tim Watson, Tony Stephenson E: polytherics@collegehill.com T: +44 (0)20 7866 7861
