GSK Invests in Biotech Start Up

Pharmaceutical company GlaxoSmithKline has given a press release detailing an investment in biotechnology company Autifony Therapeutics Limited.

The £1.25 million investment is to be put into the start up in return for a 25% equity stake, alongside £10 million from other investors including SV Life Sciences. £400,000 is to be put into development data for hearing loss, patent applications and several ion channel modulated compounds.

As part of the agreement, GSK will be eligible to receive another 550,000 shares upon pre-determined milestones being achieved. Upon this, further investment will be made by the consortium of other investors which will reduce GSK’s stake to 13%.

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