Q Chip Ltd, a specialist in sustained release injectable depot drug formulations, has announced that it has reached the £2 million first close of a planned £3 million funding round.
The money will be invested in scaling-up its Q-Sphera technology to meet Good Manufacturing Practice standards for the production and manufacture of its sustained release peptide and protein therapeutics. This will allow the company to increase levels of production to support the preclinical development of its Q-Leuprolide and Q-Octreotide depots, as well as partnered projects.
The financing was led by both new and existing shareholders, Curzon Park Capitol and Finance Wales. Q-Chip has now raised £7.5 million to date.
Ken Powell, Q Chip’s Executive Chairman, said, “The successful closure of this financing round in these challenging economic times demonstrates investor confidence in Q Chip’s technology and the compelling advantages it offers to the biopharmaceutical industry.
“With this funding in hand, Q Chip is now able to establish manufacturing capability, a major milestone for our programmes. It will also allow the development of a pipeline of partnered programmes.”