Midatech secures £6.3m financing for nanomedicine product development
17 January 2012
Oxford, UK. Nanomedicine developer Midatech Ltd has raised £6.3 million through a private investment round to strengthen and diversify its product development portfolio, especially in oncology.
The financing 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 Inc.
The funding will also be used to expand the capacity of Midatech’s resources to accommodate its expanding development portfolio. In November 2011, Midatech received regulatory approval for a first-in-human study of MidaForm insulin delivered transbuccally. Phase I results are expected in Q1 2012.
“This funding reflects on the excellent work that Midatech has achieved in advancing its programs through preclinical development and targeting specific compounds for drug delivery by gold nanoparticles”, commented Prof. Thomas Rademacher, CEO and Chairman of Midatech, adding, “In addition to its advanced diabetes program currently being commercialized in MidaSol Therapeutics LP, 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.”
Midatech is a world leader in the design, synthesis and manufacture of biocompatible nanoparticles. These nanoparticles can be used to create a wide variety of products with novel characteristics, functions and applications for a number of industry segments including life sciences, electronics and fine chemicals.