PolyTherics Raises £3 million to Commercialise PEGylation Technologies
February 17th, 2010 London, UK. PolyTherics Limited (“PolyTherics”), innovators in precision engineering of
proteins as biotherapeutic products, is pleased to announce the completion of an investment round of £3.0 million
in the company. The investment round was led by Imperial Innovations Group plc, the technology investment and
commercialisation company (AIM: IVO), and included Longbow Capital and The Capital Fund. This investment
follows on from a £2.3 million financing backed by the same syndicate in June 2007.
Since commencement of operations in 2002, PolyTherics has developed a suite of technologies to improve the
properties of biologics for therapeutic use. Having successfully out-licensed its targeted PEGylation technology
TheraPEG™ to several commercial partners, the Company intends to use these new funds to exemplify its
PEGylation platforms, HiPEG™ and CyPEG in the context of novel peptides and proteins as potential ‘biobetter’
products. PolyTherics intends to continue to out-license its PEGylation technologies while seeking external grants
to support its research.
Robert Bahns of Imperial Innovations joins the Board of PolyTherics at this investment round, while Till Medinger
and Stephane Mery resign from their non-executive director positions.
Keith Powell, Chief Executive Officer of PolyTherics, said, ‘Since the June 2007 financing round, PolyTherics has
made considerable progress in developing its proprietary PEGylation technologies and partnering for
biopharmaceutical product development. Moving now into this exciting next phase of development, we are
pleased that our investors have continued to recognise the value-creation opportunity that PolyTherics
represents. Our licensing business has generated significant revenues while we continue to innovate
technologies and explore new ways to enhance the duration of action of drugs. Given the burgeoning market for
biotherapeutics and especially ‘biobetter’ products, PolyTherics is ideally placed to capitalise on this investment
and continue to build on its strengths’.
Dr Powell commented further, ‘I would like to sincerely thank Till and Stephane for their active and enthusiastic
support as Board members over the past 5 years and look forward to working with Robert Bahns as our new
Susan Searle, Imperial Innovations’ Chief Executive Officer, said: ‘TheraPEG™ technology has the potential to
make a significant impact on drug development in many different fields of healthcare. It is this kind of technology,
addressing global needs, that we regard as a high priority for the substantial funding and management support
we can provide.’
Edward Beckett, Director of Longbow Capital, said: ’PolyTherics now offers an increasing range of solutions to
medium and large biotech and pharmaceutical companies. We are delighted to be supporting this next phase of
development and growth which we expect will develop PolyTherics into a very valuable and strategically
Ian Cameron, Investment Director at YFM Venture Finance, said, ‘PolyTherics has made good progress since
our first investment in 2007 and this new investment will provide the Company with a solid base on which to