PolyTherics Raises £3 million to Commercialise PEGylationTechnologies

19-Feb-2010 - United Kingdom

PolyTherics Limited announced the completion of an investment round of £3.0 million in the company. The investment round was led by Imperial Innovations Group plc, the technology investment and commercialisation company, and included Longbow Capital and The Capital Fund. This investment follows on from a £2.3 million financing backed by the same syndicate in June 2007.

Since commencement of operations in 2002, PolyTherics has developed a suite of technologies to improve the properties of biologics for therapeutic use. Having successfully out-licensed its targeted PEGylation technology TheraPEG™ to several commercial partners, the Company intends to use these new funds to exemplify its PEGylation platforms, HiPEG™ and CyPEG in the context of novel peptides and proteins as potential ‘biobetter’ products. PolyTherics intends to continue to out-license its PEGylation technologies while seeking external grants to support its research.

Robert Bahns of Imperial Innovations joins the Board of PolyTherics at this investment round, while Till Medinger and Stephane Mery resign from their non-executive director positions.

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