Will be used to strengthen product development portfolio, particularly in oncology
Midatech, a UK developer of nanomedicines, has raised £6.3m through a private investment financing round, which will be used to strengthen and diversify Midatech’s cancer portfolio.
The investment will be used to support clinical development of chemotherapeutic gold nanoparticles designed to target ovarian, lung and breast carcinoma and to support development of therapeutic cancer vaccines in SynTara, a joint venture with Immunotope.
In November 2011, Abingdon, Oxfordshire-based Midatech received regulatory approval for a first-in-human study of MidaForm insulin delivered transbuccally. Phase I results are expected in the first quarter of 2012.
‘This funding reflects on the excellent work that Midatech has achieved in advancing its programmes through preclinical development and targeting specific compounds for drug delivery by gold nanoparticles,’ said Thomas Rademacher, ceo and chairman of Midatech.
‘In addition to its advanced diabetes programme currently being commercialised in MidaSol Therapeutics, a joint venture with MonoSol Rx, Midatech is now well funded to expand its activities to encompass other disease indications, by initiating several programmes in oncology,’ he added.
Midatech is a leader in the design, synthesis and manufacture of biocompatible nanoparticles, which can be used to create a variety of products with novel characteristics, functions and applications for a number of industry segments including life sciences, electronics and fine chemicals.