Coventry, UK, 11th December 2017 / 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.”
For further information, contact:
Nigel Davis, CEO
T: +44 (0)24 7632 3060
Media Relations, Sciad Communications
Deborah Cockerill / Emma Pickup
T: +44 (0)20 7470 8801
Notes for Editors
Medherant Ltd is a leading developer of next-generation transdermal drug delivery patches. The Company was founded by Professor David Haddleton and the University of Warwick in 2015.
Medherant has built upon its founders’ world-leading expertise in bio-adhesives and polymer chemistry to create adhesive drug delivery patches that overcome many of the limitations of patches currently on the market:
- Its TEPI Patch® technology can be used with a wider range of drugs, including those that are not suitable for oral administration.
- The amount of drug that can be loaded into the patch is greater, enabling the development of more effective transdermal therapies.
- The TEPI Patch® contains a novel adhesive which will provide a better patient experience as the patch sticks to the skin for longer, is less painful to remove, and does not leave a mark on the skin.
Medherant is developing products containing proven drugs that it intends to license prior to commercialisation. The Company’s first product is an ibuprofen patch. Manufacture for clinical trials will take place at AdhexPharma in France.
Medherant also runs feasibility studies that give companies the opportunity to see the benefits of delivering their drugs using the TEPI Patch® technology. Medherant seeks partnerships with companies wishing to extend the commercial life of their products or those that have drugs that cannot be delivered orally at sufficient dosage.
Medherant is backed by Mercia Technologies PLC, a national investment group focused on the funding and scaling of innovative businesses with high growth potential from the UK regions.
For more information, please see www.medherant.co.uk