Glide Technologies said today that it raised £3.2 million, or $4.0 million USD, in a round of financing. A number of existing investors contributed to the round, according to the Oxford-based company.

Glide plans to use the funds to finish phase I trials this year for its solid dose formulation of a parathyroid hormone, teriparatide.

“This new fundraising follows Glide’s successful octreotide clinical study last year and enables us to progress the clinical development of our pipeline as we move towards our goal of creating a patient-centric delivery platform integrating formulation science and device engineering,” interim CEO James Otter said in prepared remarks.

The phase I trials follow a successful pre-clinical study in which Glide’s solid dose formulation achieved a statistically similar pharmacokinetic profile to the most widely used clinical dose of the marketed liquid equivalent, Forteo.

Teriparatide is approved for use in the treatment of osteoporosis. The company’s pipeline includes octreotide, teriparatide, exenatide and anthrax and influenza vaccines.

Glide’s portfolio of pharmaceutical products are administered using its needle-free injector, the Glide SDI. The device removes the need for product refrigeration and cold chain distribution, according to the company, and could potentially improve compliance in long-term therapy and enhanced immune responses to vaccines.

In June last year, the company touted its preclinical study that compared its solid dose formulation of octreotide to a marketed immediate release liquid injectable product, Sandostatin.

The study compared the tolerability, pharmacokinetics and bioavailability of the 2 products. The data showed that Glide’s formulation achieved bioequivalence.

The 20-patient study also demonstrated that patients preferred using the SDI device compared to a needle or syringe delivery system.