Fundraising backs medical patch research towards commercialisation
BIOMEDICAL firm Medherant has completed a £1.5m fundraising that will support the early commercialisation of its medicinal patch technologies.
The company is an IP-rich spin-out from the University of Warwick and it is developing its transdermal drug delivery patch, which can provide users with pain relief for up to 24 hours using common pain management drugs Ibuprofen and methyl salicylate.
Mercia Technologies, which backed Medherant in March 2015 to enable it to start a lab on the Warwick Science Park, has invested a further £650,000. It had also put in £250,000 in May from its third-party University Growth Fund and Growth Fund 4.
It has now been joined by other funders, which have put in another £850,000.
Dr Mark Payton, chief executive of Mercia Technologies, said: “We have worked closely with the Medherant team to create and develop the business and its path to market, with the prospect of ultimately delivering value to our fund investors and Mercia’s shareholders alike.
“We look forward to supporting Medherant further as they take this innovative delivery system to market.”
Mercia is focused on the creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions.
This investment is the latest example of Mercia making a direct investment into a company that originated from its managed third party funds. The investment funnel from third party funds, which was significantly enlarged following the acquisition of Enterprise Ventures Group in March 2016, has now resulted in a total of 26 direct investment technology companies with high growth potential.