Beringea Invests In UK Pharma Firm
FARMINGTON HILLS -- Michigan's largest venture capital investor, Beringea, last week announced an investment in PolyTherics Ltd., a United Kingdom-based provider of technology to improve protein and peptide based drugs for biopharmaceutical companies.
The investment was part of a $3.5 million financing round that also included existing investors Imperial Innovation and The Capital Fund.
The funds will be used to apply the company's proprietary polymer-protein conjugation technologies to an expanding range of proteins and peptides and to pursue new applications of these technologies.
"PolyTherics is one of the leaders in the biopharmaceutical industry and this is an exciting opportunity to be involved in the development and growth of this business," said Stephane Mery, Beringea investment director.
"Having recently taken up the reins at PolyTherics, I am delighted to have successfully completed this fundraising to provide a platform for the company's further growth," said John Burt, CEO of PolyTherics. "Applying our linker chemistry to novel biomolecules at an early stage can improve their properties so development can proceed with greater confidence that their biological properties will translate into therapeutic benefit."
This week, Beringea also announced its investment in Community Pharmacy Ltd., a UK-based pharmacy chain.
More at ww.polytherics.co.uk or www.beringea.com.
