Medtech secures £2m funding
A medtech spinout from the University of Warwick which is developing an innovative transdermal drug delivery patch technology has secured a £2m investment from specialist technology funder Mercia Technologies.
Medherant, which is developing the TEPI Patch, received its first investment from Mercia’s managed funds in 2015.
Since then the company has developed an extensive patent estate and secured an exclusive worldwide licence from Bostik SA for the medical use of a novel adhesive.
Mercia now holds a 33.6% direct equity stake in the business.
This latest investment, part of a £2.4m syndicated investment round, will enable Medherant to finalise the selection of three TEPI Patch products to take into clinical development.
The global transdermal drug delivery market in which Medherant operates is expected to reach $7.1bn by 2023 from an estimated $5.7bn in 2018.
Nigel Davis, CEO of Medherant, said: “TEPI Patch technology holds great promise as a better way of delivering many different types of drugs. We are pleased to have supportive investors led by Mercia who are enabling us to progress the development of patch products that will bring significant benefits to patients across the globe.”
Mark Payton, chief executive at Mercia Technologies, added: “Medherant represents Mercia’s second largest investment within our direct investment portfolio of Life Science & Biosciences companies, which combined account for circa 25% of our direct investment portfolio by value. We are encouraged by the progress the team is making and this latest round of syndicated investment will support the continued development of Medherant’s suite of unique transdermal patches, targeted at attractive high-growth markets with significant unmet medical needs.”
