UK-based biotech company PolyTherics Limited has raised $3.5 million in financing from Beringea, Imperial Innovation and The Capital Fund. The money will help the company to develop new applications for its polymer-protein conjugation technologies.
Beringea, Michigan’s largest and most active venture and expansion-stage capital investor, has invested in PolyTherics Limited (“PolyTherics”), a UK-based solution provider to biopharmaceutical companies for the improvement of protein and peptide based drugs. The investment was part of a $3.5 million financing round that also included existing investors Imperial Innovation and The Capital Fund.
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.
“PolyTherics is one of the leaders in the biopharmaceutical industry and this is an exciting opportunity to be involved in the development and growth of this business,” said Stephane Mery, Beringea investment director.
“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,” said John Burt, CEO of PolyTherics. “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.”
This week, Beringea also announced its investment in Community Pharmacy Ltd., a UK-based pharmacy chain.
PolyTherics is a biopharmaceutical company that enables the development of better biopharmaceuticals and 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 utilizing the TheraPEG™ technology for the treatment of multiple sclerosis. For more information, please visit: www.polytherics.co.uk.
Beringea offers advice, guidance and capital to support growing businesses. Headquartered in Farmington Hills, Mich., the Firm also has offices in London and more than 70 portfolio companies in the U.S. and U.K. Beringea has more than 20 years of investing experience in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the co-manager of the InvestMichigan! Growth Capital and Mezzanine Funds in the U.S., as well as the ProVen VCT family of funds in the UK, among others.