Glythera, a biotech spin-out from the University of Bath, has raised £700k ($1m) from commercialisation company the IP Group.
The funding is the result of the UK-based firm hitting commercial milestones following a £600k investment from the IP Group last year, which was used to entice Glythera to relocate in the north east of England.
Now based in Newcastle’s INEX incubator, Glythera plans to use the funding to increase its headcount as it moves towards further milestones and a third tranche of funding.
In addition to the £700k investment, the IP Group’s Cassie Doherty will join the firm’s board of directors, which includes representatives from Bath University.
David Simpson, chief operating officer at Glythera, said: “We are delighted with the progress that has been made throughout the research and development process so far thanks to the expertise of the Glythera team in the discovery, development and manufacturing of complex biologics. This funding will enable us to continue with the commercialisation of our products and maximise the opportunities available to us in the market.”
