Glide Technologies, the pharmaceutical development and device company focused on the needle-free administration of solid dose formulations, today announced the successful completion of a funding round totalling £3.2 million ($4.0 million). The fundraising was supported by a number of existing investors.
Glide Technologies will use the funds to complete Phase I clinical trials of its novel solid dose formulation of teriparatide (parathyroid hormone) during 2017. These trials follow Glide’s successful teriparatide SDI® pre-clinical proof-of-concept study, in which the company’s solid dose formulation achieved a statistically similar pharmacokinetic profile to the most widely used clinical dose of the marketed liquid product, Forteo®/Forsteo®. Teriparatide is approved for use in the treatment of osteoporosis and accounts for global sales of over $1.3 billion.
James Otter, Glide Technologies’ Interim CEO, commented, “This new fundraising follows Glide’s successful octreotide clinical study last year and enables us to progress the clinical development of our pipeline as we move towards our goal of creating a patient-centric delivery platform integrating formulation science and device engineering.”