Medherant, a spin-out company from the University of Warwick developing an innovative transdermal drug delivery patch technology, has raised £3.8 million in its latest funding round.
The fundraising was led by majority shareholder Mercia Technologies PLC who invested £2.5 million, 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.
Medherant’s next-generation drug delivery platform, TEPI Patch®, is based on research conducted by the University of Warwick’s Department of Chemistry. Warwick Ventures, the University department dedicated to the commercialisation of innovations from Warwick’s world-leading academic research, also provided support, advice and resource for the creation of the spin-out company.
The TEPI Patch® overcomes many of the limitations of patches currently on the market, and can deliver drugs to act locally or systemically. It 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 for clinical trials which are due to start in spring 2018.
Nigel Davis, Chief Executive Officer at Medherant, said, “We are grateful to have the continued support of Mercia 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 to evaluate their drugs in our delivery system at the same time as we develop our own product pipeline.”
Quentin Compton-Bishop, CEO of Warwick Ventures, said, “Warwick Ventures has been involved in the planning and pulling together of the initial resources around the research that got Medherant off the ground. I’m delighted that in just three years it has gone from strength to strength and now employs 14 people on the University of Warwick Science Park.”
Peter Dunn, Director of Press and Media Relations
University of Warwick
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