The biopharmaceutical company which is a spin-out from the University of Bath relocates to the North-East of England.
IP Group, a specialist intellectual property investor, has invested £2m ($3.1m) in Glythera, a biopharmaceutical company specialised in protein functionalisation.
The company is a spin-out from the University of Bath. The deal follows an initial £600,000 investment between IP Group and its fund, the Finance for Business North East Technology Fund.
The following two investments are of a similar size and are dependent on certain milestones.
Glythera has also relocated to the North East of England, appointing David Simpson as chief operating officer.
Duncan Lowery, senior investment manager at IP Group, said: "As David has mentioned, the North East has a real strength in biomanufacturing and the fact that Glythera is relocating here demonstrates that the industry continues to develop and expand apace.
Lowery added: "The technology being developed is highly innovative and could transform the use of vaccines and therapeutics. With a revolutionary product and extremely experienced management team, we’re confident that Glythera will hit its targets and continue to build a reputation as a rising star within the pharmaceutical industry."
Anthony Baxter, Glythera’s chairman, said: "We are obviously delighted to close this funding round in what remains a challenging environment. Our ability to do this is testament to the strength of the Glythera technology, combined with the leadership and technical skills of our team."
Smith added: "Relocating to the North East makes a lot of sense for us, due to the region’s strong pedigree in biomanufacturing, giving us the ideal base from which to partner with leading companies and attract a skilled workforce."
