Coventry, UK, 6th February 2017 / Medherant Ltd., a University of Warwick spin-out developing a novel transdermal drug delivery patch technology, is pleased to announce the appointment of Dr Ken Cunningham as Chair. Dr Cunningham joins Medherant as the company prepares to move into clinical studies with its leading TEPI Patch® technology.
Ken brings over 25 years of experience in the pharmaceutical industry to Medherant. He is currently Chairman of Abzena as well as Non-Executive Director of Verona Pharma plc. Between 2006 and 2010 Dr Cunningham was at SkyePharma plc, initially as Chief Operating Officer and subsequently as Chief Executive Officer, where he oversaw the late stage development of flutiform® for asthma. Ken holds a Medical Degree from St Mary's, Imperial College London.
Medherant’s first-in-class drug delivery platform, TEPI Patch®, is designed to address many of the failings of previous transdermal drug delivery patches, enabling expansion of the library of drugs available for patch delivery, including those that had previously failed clinical trials due to unsuitability for oral administration. The technology is initially being developed for use with the pain-relief drugs ibuprofen and methyl salicylate, delivering a controlled dose over a period as long as 24 hours. Medherant has raised £2 million in funding to date to advance pre-clinical studies of the TEPI Patch®, in preparation for moving into clinical studies and a series A funding round later in 2017.
Ken Cunningham commented, “I am delighted to join Medherant as Chairman as the team progresses the Company’s TEPI Patch® technology into clinical development. Medherant’s novel transdermal drug delivery patch technology offers significant benefits to patients and the potential to generate value for Medherant’s shareholders. I look forward to contributing to the success of the company.”
Mercia Technologies PLC invested £650,000 as part of a syndicated £1.5 million fundraising round in September 2016. It also contributed early-stage funding to Medherant via its third party funds after the business was spun out from the University of Warwick.
Peter Dines, Head of Life Sciences & Bio-sciences at Mercia, said, “Mercia previously worked with Ken when he chaired Polytherics, which later acquired the Mercia portfolio company Warwick Effect Polymers. He then took the business onto AIM as Abzena plc. We are delighted that he has now taken up this post. Ken has over two decades of experience in this sector and his appointment reflects the enormous potential offered by the TEPI Patch®.”
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Notes for Editors
About Medherant Ltd
Medherant is a developer of first-in-class transdermal drug delivery patches founded by Professor David Haddleton and the University of Warwick. Since March 2015, Medherant has been using its world-leading expertise in bioadhesives and polymer chemistry to create new adhesive transdermal patches to expand and advance the library of drugs that can be delivered using patches. The TEPI Patch® technology, developed by Medherant, improves upon existing patches by significantly increasing drug loading capability, efficacy and patient user experience.
Medherant is commercialising novel transdermal patch-based products and solutions that are capable of delivering a much wider range of drugs than traditional patch products, while offering levels of dose control that other topical delivery methods do not have. Medherant’s first products are currently in pre-clinical testing, and are expected to enter clinical testing in 2017.
The Company is currently seeking partnerships with pharmaceutical companies wishing to extend the commercial life of drug patents, or with products for which development has halted due to the compound being unsuitable for oral delivery.
About Mercia Technologies PLC
Mercia is a national investment group focused on the creation, funding and scaling of innovative businesses with high growth potential from the UK regions. Mercia benefits from 18 university partnerships and six offices across the Midlands, the North of England and Scotland providing it with access to high quality, regional deal flow. Mercia Technologies PLC is quoted on AIM with the epic "MERC".
Mercia's 'Complete Capital Solution' initially nurtures businesses via its third party funds (with more than £228.0 million under management) and then over time Mercia can provide further funding to its 'Emerging Stars' by deploying direct investment follow-on capital from its own balance sheet.
Since its IPO in December 2014, the Company has invested over £30.0 million directly across its portfolio of Emerging Stars.