Syntaxin, a privately-owned UK biotechnology firm developing novel drugs that work by controlling cell secretion, has raised £16 million in a new funding round co-led by SR One, the venture capital arm of GlaxoSmithKline.
Syntaxin says that the new funds would help advance the development of its biologics drugs pipeline, are designed to treat pain, nervous, respiratory and metabolic disorders, towards clinical proof of mechanism and "reinforce its dominant technology position". That technology is based on producing proteins that control aberrant secretion of hormones or signalling molecules that contribute to disease.
Deborah Harland, general partner at SR One, said the company's drug discovery platform "provided a unique approach to developing a new class of biopharmaceutical products with a wide range of potential applications. Syntaxin's chief executive Patrick Doyle added that "to have secured a significant round of financing from a well respected group of life science investors is a real vote of confidence in our technology and programmes.
Other backers in the financing included Life Science Partners, Abingworth, Johnson & Johnson Development Corp and Quest for Growth.