Henley-in-Arden, UK, 5th May 2016 / Mercia Fund Management (‘Mercia’), a leading investment business in UK innovation and wholly-owned subsidiary of Mercia Technologies PLC, has committed follow-on capital to Medherant Ltd, a University of Warwick spin-out developing a novel patch technology for delivery of a variety of drugs.
Medherant’s patch, known as the TEPI-patch®, is a thin, strong, easy-to-apply and easy-to-remove patch capable of delivering higher doses of drugs directly to the areas where they are needed. The therapy is delivered by the patch over a period of one to twelve hours or more, depending on the patient’s requirements and the drug being administered.
The technology, which is initially being developed for Ibuprofen and Methyl Salicylate (used in topical pain relief), is capable of working with a wide range of products, including drugs that have failed clinical trials because of their unsuitability for oral consumption. The patches are easy to manufacture because, unlike other patch technologies, this does not involve the use of any solvents. They can also use less material, so this technology also has the potential to relieve huge cost burdens from healthcare systems.
The investment, which totals £250,000 from both Mercia’s third-party University Growth Fund and Growth Fund 4, will allow Medherant to exploit the high levels of interest in its technology following significant recent media reporting. The investment will also be used to enable the company to continue product development.
Since Mercia’s first investment last June 2015, the company has secured an exclusive deal with Bostik SA, a leading adhesive specialist, to use a novel pressure sensitive adhesive material in the development of the patch. Medherant has also moved to new laboratories, and has validated that its technology works successfully on drugs that were previously not suitable for transdermal delivery.
During this time, Medherant has worked closely with Mercia’s Head of Technology Transfer, Dr. Nicola Broughton, who commented:
“It is wonderful to see Medherant achieve such impressive results, whilst still being at a relatively early stage in its development. Medherant, which is a spinout from our partner the University of Warwick, is testament to the potential that lies within the Midlands in Life Sciences & Bio-Sciences, and I look forward to the continued relationship with the team.”
Nigel Davis, CEO of Medherant Ltd, said:
“Medherant has benefitted from a lot of commercial and media interest over the past few months, and we are grateful to Nicola and Mercia for their support as we continue to harness this awareness and build on our existing patch technology.”
For further information please contact:
Mercia Fund Management Limited
Tel: +44 (0) 330 223 1430
Mob: +44 (0) 790 340 4511
Or please visit www.merciafund.co.uk
Tel: +44 (0) 20 3773 9580
About Mercia Fund Management
Mercia Fund Management, a wholly owned subsidiary of Mercia Technologies PLC, is a leading investor in UK technology; specialising in the commercialisation of businesses with high growth potential across a range of technology driven sectors in which deep expertise is held.
Mercia can provide early stage, development and growth capital to enable investment in a wide range of opportunities whilst being strategically positioned to allocate follow-on capital to stars in the portfolio.
As sector specialists, Mercia’s value is not only in the pre-investment discovery, analysis and selection of high growth opportunities, but critically in the support of those companies post-investment. Investment directors have been directly involved in the financing, building and management of companies in their respective sectors, and work extensively with the executive management team of each investee company in order to drive value creation, control risk and deliver profitable exits.
Mercia Fund Management is wholly owned by Mercia Technologies PLC (www.merciatech.co.uk/), which listed on AIM in December raising £70m. Mercia Technologies is focused on providing later stage direct investment to the emerging stars from the EIS and SEIS portfolio within the Mercia Growth Fund series to expand and ultimately exit these businesses.
The combination of EIS and SEIS funds under management and direct investment gives Mercia a unique venture capital model which, through follow-on funding, has the ability to back high-growth technology businesses anywhere from an early stage, through their growth journey and ultimately to a profitable exit.
Mercia Fund Management is an FCA authorised and regulated fund manager under FSMA (FRN: 524856).
About Medherant Ltd
Medherant is a bioadhesives company specialising in transdermal drug delivery founded by Professor David Haddleton and the University of Warwick to commercialise their world-leading expertise and know-how in bioadhesives, polymer chemistry and product development. Medherant has established its independent laboratory and offices on the University of Warwick Science Park and is commercialising novel transdermal patch-based products and solutions that expand the library of drugs and significantly increase drug loading capabilities to provide improved patient experience, enhanced safety, increased efficacy and economic benefits to the healthcare system. Products utilise a newly developed solvent free pressure sensitive adhesive.