Critical Pharma raises funds to advance pipeline

UK-based Critical Pharmaceuticals says it has closed a third round of investment totalling L650,000 ($1.0 million). Based on the company's success in developing its unique CriticalMix delivery technology and matching pipeline of candidate drugs, the funding was fully supported by existing shareholders. The company has now raised in excess of L2.0 million in investment and grants since its formation in 2004 as a spin-out from Nottingham University. It also follows the recent announcement of preclinical results for a sustained release somatropin formulation, which demonstrated considerable advantages over existing once-daily products.

Lisbeth Illum, chief executive of the firm, welcomed the new round, saying "the new funds will be used to advance the development of our pipeline of candidate drugs and drug-delivery technologies, secure and develop our intellectual property portfolio and invest in our business development capability to secure partnerships with pharmaceutical and biotechnology companies. Already we are attracting growing interest from leading names who can see the advantages of using our drug delivery technology platforms across their drug pipelines. We believe this points to an exciting future for investors and employees."