Glide Pharma, which develops products based on its needle-free drug delivery system, has raised £2.3m to fund clinical trials of a new drug.
The funding will allow Glide Pharma to put its new drug product, GP02, into clinical trials in autumn 2007. This product is a needle-free version of immediate release octreotide acetate, which is used to treat neuroendocrine tumours and acromegaly, a potentially fatal chronic condition caused by abnormally high levels of growth hormone that cause enlargement of body tissues, facial bones, hands, feet and skull.
Based at Milton Park, Oxfordshire, Glide Pharma has developed a system that injects drugs as a solid dose into the skin without a needle. It claims that the device is ideal for self-administration of drugs at home and for those who have needle phobia.
Dr Charles Potter, founder and CEO of Glide Pharma, said: ‘The Glide SDI is ideally suited to the delivery of many drugs, not only because of the simplicity of the device but also because of the enhanced stability and potential for controlled release of the drug when injected in a solid dosage form.’
Separately, Glide Pharma has also entered into an exclusive licence and distribution agreement with Canadian pharmaceutical company Paladin Labs, for its products in
‘The Glide SDI provides important benefits to Canadian patients currently requiring daily injections. The ability to have needle-free versions of these treatments will allow for better compliance and disease control,’ said Jonathan Ross Goodman, president and CEO of Paladin Labs.
‘In addition, it mitigates needle-related complications such as needle stick injuries and risk of cross contamination.’
Future developments of Glide Pharma’s products include a device that can inject insulin for self-administering diabetics.