Q Chip completes US$6 million (£3.6 million) funding round to expand its portfolio of drug formulations and establish a European manufacturing facility

23-May-2011 - United Kingdom

Q Chip Limited announced it has completed its 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 highly 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, which has led previous investments to date and that now total approximately US$14.2 million (£8.5 million), welcomes the new investors as Q Chip proves the efficiency of its technology and moves it towards manufacturing and commercialisation.

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.

https://www.bionity.com/en/news/132584/q-chip-completes-us-6-million-3-6-million-funding-round-to-expand-its-portfolio-of-drug-formulations-and-establish-a-european-manufacturing-facility.html