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GSK invests in biotech Autifony

GlaxoSmithKline is to invest £1.25m in Autifony Therapeutics, a biotech 'spin out' of the UK-based pharmaceutical company

GlaxoSmithKline (GSK) is to invest £1.25m in Autifony Therapeutics, a biotech 'spin out' of the UK-based pharmaceutical company.

The investment means GSK will hold a 25.4 per cent minority stake in Autifony, with other shareholders including investment firms Imperial Innovations and SV Life Sciences.

Autifony is currently researching technology to treat hearing disorders, including noise-induced hearing loss and tinnitus.

Autifony's team will be working in collaboration with Professor David McAlpine and Jennifer Linden, both from University College London's (UCL) Ear Institute.

Charles Large, co-founder and chief scientific officer of Autifony, said: "Autifony represents an important opportunity to bring together our drug-discovery experience with the expertise of academic groups in this field, in particular the Ear Institute. Autifony's goal will be to find effective new medicines that can reduce the burden of suffering for this poorly served patient group."

Under the terms of the agreement, Autifony will issue 850,000 A ordinary shares to GSK in exchange for a number of compounds and associated patent applications and data.

GSK will also receive 571,429 Series A preferred shares in recognition of £400,000 worth of development work it funded.

22nd August 2011

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