Ocelus Ltd, a Newport, Wales, UK-based pharmaceutical company, which develops and commercialises a needle-free microimplant drug delivery system, has received approximately £500,000 in a second round of funding.
According to local news, the funding includes a £315,000 equity investment from Finance Wales and a £147,000 grant from the Welsh Assembly Government’s Single Investment Fund.
Both already made a £100,000 investment in the company in 2008.
It was reported that the new capital will enable Ocelus to advance the development of its prototypes and optimise the technology for commercialisation.
The company was founded in late 2007 by Dr Kirby, the inventor of the Ocelus technology, which is designed to simultaneously deliver small particles into the skin at hundreds of sites per square centimetre reducing the pain and inconvenience of an injection.