Glide Pharma to utilize $4.3M funding for progressing octreotide programme into clinical development

Feb 10 2010

Fundraising Follows Successful Clinical Proof-of-Concept With Glide's Solid Dose Injector

Funding to Progress Glide Octreotide Into Clinical Development

Glide Pharma, a specialty pharmaceutical company focused on the needle-free administration of solid dose therapeutics and vaccines, today announced that it has completed an oversubscribed GBP2.7 million ($4.3 million) investment round. The fundraising was supported by a number of existing institutional and private investors, including Hygea VCT and Oxford Technology VCTs. The company has now completed four successful investment rounds, securing funding totalling approximately GBP10 million. Glide will use the new funds to progress its in-house Glide octreotide programme into clinical development and to continue scale-up of its commercial manufacturing process.

The investment follows the recent successful clinical proof-of-concept of Glide Pharma's proprietary solid dose injector, the Glide SDI(R). The clinical study, conducted in 18 subjects with a solid dose formulation of the analgesic fentanyl, confirmed that the Glide SDI can safely and quickly deliver accurate doses into the systemic circulation, demonstrating the potential of the Glide technology in the $2 billion per annum breakthrough pain market. Throughout the study, administration with the needle-free Glide SDI avoided the bruising and bleeding associated with needle and syringe delivery.

"The completion of this oversubscribed fundraising is a clear demonstration of our investors' confidence in the Glide technology and the advantages it can offer both patients and our partners in the pharmaceutical industry," said Dr Charles Potter, Glide Pharma's CEO. "Glide has made great progress recently, having achieved clinical proof-of-concept with our proprietary solid dose injection system, and extending our pipeline of programmes with pharmaceutical partners. We aim to build on this strong foundation in the coming months by accelerating our second in-house project, Glide octreotide, into the clinic."