Biotechnology company Syntaxin has raised £18 million to further develop its technology and start clinical studies on one of its products.

Biotechnology company Syntaxin has raised £18 million to further develop its technology and start clinical studies on one of its products.

The Oxford-based company, which develops biopharmaceuticals, won new funding from Lundbeckfond Ventures, Ipsen and Seventure in the series C financing.

Existing investors Abingworth, SR One, LSP, Johnson & Johnson Development Corporation and Quest also contributed to the investment.

Syntaxin will use the money to further develop new technology, which helps in the treatment of a variety of diseases, and progress its acromegaly programme into clinical proof of concept studies.

Acromegaly is a chronic and debilitating disease resulting from excessive secretion of growth hormone.

Syntaxin chief executive officer Dr Melanie Lee says: ‘This financing will enable us to progress development of our lead product to treat acromegaly and to maximise the potential of our unique technology platform in collaboration with industry partners.’