Transdermal Drug Delivery Company, Medherant, Have Raised £3.8 M in Funding
Medherant, a leader in next-generation transdermal drug delivery, has raised £3.8 million in its latest funding round. The fundraising was led by majority shareholder Mercia Technologies PLC, with the balance coming from other existing shareholders as well as new private investors. This latest investment will support the company as it progresses its ibuprofen TEPI Patch® into clinical development in early 2018.
Nigel Davis, Chief Executive Officer at Medherant, said, “We are grateful to have the continued support of our shareholders and welcome new investors as we move into the next exciting phase of the Company’s development. Our TEPI Patch® technology is generating global interest and we are now working with several leading pharmaceutical companies at the same time as we develop our own product pipeline.”
Medherant’s next-generation drug delivery platform, TEPI Patch®, overcomes many of the limitations of patches currently on the market, and can deliver drugs to act locally or systemically. TEPI Patch® is compatible with a wider range of drugs and has a greater loading capacity than other drug-in-adhesive patch technologies enabling more drug to be delivered. The novel adhesive used by Medherant also provides an enhanced patient-user experience being thin and comfortable, with strong adhesion and painless removal without leaving any residues. The company has completed non-clinical work on its lead product, ibuprofen TEPI Patch®, and is currently working with AdhexPharma to manufacture product, ready for clinical trials in Spring 2018.
Mark Payton, Chief Executive Officer at Mercia, said, “Medherant’s highly versatile platform is compatible with a wide range of drugs, enabling a transdermal route to market for drugs not currently suitable for formulation with existing delivery technologies. The company’s first product, ibuprofen TEPI Patch®, will be manufactured at AdhexPharma in France for clinical trials in early 2018. Led by Dr Nicola Broughton, Investment Director and Head of Universities at Mercia, we have been working with the founders since inception, initially through our managed funds and are now scaling the business with a further direct investment. This has increased our equity holding in what potentially may become a very valuable business.”