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Glythera Relocates to North East as Part of £2M Funding Round
26-06-2012: Glythera, an emerging biopharmaceutical company specialising in protein/peptide functionalisation and glycosylation, has secured a fundraising round totalling GBP2M with IP Group, which will be tranched over the next three years.
The company, a spin-out from the University of Bath, has recently established commercial operations at Newcastle's INEX incubator facility, following an initial GBP600,000 investment split equally between IP Group and its managed fund, the Finance for Business North East Technology Fund. The next two tranches will be of a similar size and are contingent on certain milestones being met.
Glythera's relocation has led to the immediate creation of new research and development positions in the North East of England including the appointment of Dr David Simpson as Chief Operating Officer. David has over 15 years of experience in the biopharmaceutical industry, having held senior technical, managerial and leadership positions centred on the development and manufacturing of biopharmaceutical products destined for worldwide approval. Further growth is anticipated over the next three years in line with the company's commercial and technical needs.
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