Medherant Limited, a University of Warwick (UK) spinout company developing an innovative transdermal drug delivery patch technology, raised £3.8m in funding.
The round was led by existing investor Mercia Technologies PLC, which has invested £2.5m and now owns 32.4%.
The company intends to use the funds to move into clinical development and commercialize its ibuprofen TEPI Patch®, as well as initiate development of its second product, a lidocaine TEPI Patch®.
Led by Nigel Davis, CEO, Medherant is advancing TEPI Patch®, a novel proprietary platform capable of delivering higher doses of drugs through the skin to act locally or systemically.
Since Mercia’s first investment in June 2015 through its managed funds, the company has secured an exclusive licence agreement with Bostik SA, an adhesive specialist, to use its novel pressure sensitive adhesive material in the development of the TEPI Patch®.