Cardiff, Wales, 13 September 2010 - Q Chip Ltd, a biopharmaceutical company developing innovative sustained release injectable depot formulations, announced today it has reached the first close £2 million of a planned £3 million funding round.
The funds will be invested in scaling-up its Q-Sphera TM technology to meet current Good Manufacturing Practice (cGMP) 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 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 completed a number of successful financing rounds, securing investment totalling £7.5 million (approx USD11.5 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 sustainable pipeline of partnered programmes."
British venture capitalist and Q Chip investor Jon Moulton said "It is great to see Q Chip reach this point. The up scaling of the Q-SpheraTM production platform is of key strategic importance in the future development of Q Chip's pipeline."
New investor and successful British entrepreneur Sir Harry Solomon said "Q Chip's Q-Sphera technology shows great potential in being a new and ‘disruptive' drug delivery technology. This technology will generate great interest in the generics and pharmaceutical industry."
Q Chip will be attending BioPharm America taking place between 15-17 September 2010 in Boston US, and BioSpain taking place in Pamplona, Spain between 29 September to 1 October 2010.