Q-Chip to expand its portfolio of drug formulations
In May the company announced the completion of a US$6 million Series C financing round (the first close was in September 2010).
The second close financing was led by Dutch investors Limburg Ventures and Nedermaas Hightech Ventures. They were joined by existing shareholders Disruptive Capital Finance, Finance Wales and an angel syndicate of experienced individual investors including Q Chip’s executive chairman and biotech entrepreneur Ken Powell, British venture capitalist Jon Moulton, and industrial entrepreneur Sir Harry Solomon.
Disruptive Capital Finance has led previous investments to date that now total approximately US$14.2 million (£8.5 million).
Q Chip (www.q-chip.com) has developed a bio-encapsulation and drug delivery platform that enables the development of long acting injectable therapeutics with tailored sustained-release profiles and improved administration. It offers the potential for pharmaceutical companies to extend their product life cycles and find the best ways to deliver novel complex bio-therapeutics.
Part of the funds will be invested in establishing a sterile pharmaceutical production facility at the company’s new European manufacturing subsidiary, Q Chip BV, located on the Chemelot Campus in the Limburg region of the Netherlands. The new facility will house Q Chip’s proprietary scaled-up Q-SpheraTM technology which will meet current Good Manufacturing Practice (cGMP) standards for the production and manufacture of its sustained release peptide and protein therapeutics.
Q Chip plans to increase levels of production to support the preclinical development of its own Q-Leuprolide and Q-Octreotide depots, which are being developed for prostate cancer and acromegaly respectively, as well as partnered projects.
Marcel Kloosterman, investment manager of Limburg Ventures said “We are delighted to welcome Q Chip’s disruptive technology to the cluster of advanced materials and life-science related companies operating at the dedicated Chemelot Campus. Q Chip’s novel drug delivery technology complements the technologies being advanced in the region and we are keen to support the Company in establishing its exclusive European manufacturing facility.”
John Vossen of Nedermaas Hightech Ventures added “Q Chip’s new R&D and sterile manufacturing facilities will help the Company to bring its excellent technology rapidly to the market. The Q Chip subsidiary is a welcome addition to the health and bio sectors in which our region wants to excel. It confirms the attractive investment climate of Limburg province for this kind of business.”
Ken Powell, executive chairman of Q Chip said “The successful completion of this financing round in these challenging economic times demonstrates further investor confidence in Q Chip’s technology and the compelling advantages it offers to the biopharmaceutical industry.
With this funding, Q Chip is now able to establish its manufacturing capability, a major milestone for our programmes. Our development at the Chemelot facility will enable Q Chip to offer cGMP compliant, sterile manufacturing of injectable peptide and protein depot formulations, specifically for early phase clinical trial purposes.”
It will allow the development of a sustainable pipeline of partnered programmes to fully exploit our benign drug delivery technology all the way from formulation development to first-in-class clinical trials. Additionally, the new facility will enhance our internal Leuprolide and Octreotide supergeneric programmes for potential partners.”
Posted on Monday, 01 August 2011 under Company News