Date: 2013-11-05
Type of information: Fundraising
Company: Midatech (UK)
Investors: Ippon Capital (Switzerland)
Amount: £10 Million (€11.9 million)
Funding type:
Planned used: The funding will be used to advance Midatech’s core portfolio of product development programmes for diabetes and cancer with the aim of commercialising these products via partnering and licensing agreements. Midatech will also look to license out its novel GNP technology for new nano-medical applications in diagnostics and imaging and in non-core fields such as cosmetics and electronics with the aim of building additional revenue streams. Midatech’s core diabetes portfolio is being developed and commercialised through MidaSol Therapeutics LP, a strategic joint venture formed with MonoSol Rx, a global leader in film drug delivery technology. MidaSol’s products include glucagon-like-peptide (GLP-1)-linked GNPs for the treatment of Type 2 diabetes mellitus and its lead product candidate, MidaForm™ insulin PharmFilm®, which uses insulin-linked GNPs (MidaForm insulin) formulated into PharmFilm, for the delivery of insulin through the inside of a patient’s cheek. Phase IIa clinical studies with Midaform insulin PharmFilm, in diabetes patients, are expected to report results in the second half of 2014.
Others: * On November 5, 2013, Midatech, a global leader in the design, synthesis and manufacture of nanomedicines based on its unique biocompatible gold-nanoparticles (GNP), has raised £10 million through the issue of new equity. The investment round was led by Ippon Capital SA, a Geneva-based private equity firm, which committed £7.6 million with the remainder coming from existing investors.
MidaSol has also recently announced its first research collaboration with a major US pharmaceutical company. The collaboration will allow the pharma company to evaluate the application of GNP and PharmaFilm® technologies with certain molecules in its diabetes portfolio.
Therapeutic area: Cancer - Oncology - Metabolic diseases
