The company will use the capital to scale up the manufacturing process for its proprietary needle-free delivery system Glide solid dose injector (SDI), including both the drug product and device.
In addition, the funds will be used to progress the development of the company’s in-house programs, which include epinephrine and parathyroid hormone.
Glide Pharma chairman Mark Kirby said the investment round demonstrates the confidence of the company’s shareholders have in innovative technology, and its potential to revolutionize the delivery of therapeutics and vaccines.
"This fundraising follows recognition of Glide’s novel technology by the UK government-backed Biomedical Catalyst scheme, which awarded the company £2.3 million funding for the development of a novel formulation of teriparatide (parathyroid hormone) for the treatment of osteoporosis," Kirby added.