Midatech raises £10m to advance gold-nanoparticle technology
For diabetes and cancer treatment and to work to commercialise new applications in medical diagnostics and imaging
Midatech, a UK specialist in the design, synthesis and manufacture of nanomedicines based on its biocompatible gold-nanoparticles (GNP), has raised £10m in equity funding to advance its product development programmes for diabetes and cancer with the aim of commercialising these products through partnerships and licensing agreements.
The investment round was led by Ippon Capital, a Geneva-based private equity firm, which committed £7.6m, with the remainder coming from existing investors.
Abingdon-based Midatech also aims to license out its GNP technology for new nano-medical applications in diagnostics and imaging and in non-core fields such as cosmetics and electronics.
Commenting on the fundraising, Dr Jim Philips, CEO of Midatech, said: 'Ippon Capital is a new and ambitious investor in the healthcare sector and its investment along with the continuing support of our existing investors provides a strong endorsement of our strategy and confirms the significant potential of our gold-nanoparticle technology.
'We will now look to rapidly progress the development and commercialisation, through partnering and licensing, of our technology for the treatment of diabetes and cancer and to work to commercialise new applications in medical diagnostics and imaging.'
Midatech’s core diabetes portfolio is being developed and commercialised through MidaSol Therapeutics, a joint venture formed with MonoSol Rx, a specialist 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. The results of Phase IIa clinical studies with Midaform insulin PharmFilm, in diabetes patients, are expected in the second half of 2014.
MidaSol 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.