Medherant — a company focused on transdermal drug delivery — has revealed that it has raised £3.8 million in its latest funding round, which will support the company as it progresses its ibuprofen TEPI Patch into clinical development early next year (2018).
Funding
“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,” reported Nigel Davis, chief executive officer at Medherant. “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.”
The fundraising was led by the majority shareholder Mercia Technologies with the balance coming from other existing shareholders and new private investors.
“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,” added Mark Payton, chief executive officer at Mercia. “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.”
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.