Medherant has taken steps to select and advance its TEPI Patch products into clinical development. The transdermal drug delivery product company has announced a new £2 million investment, in large part from Mercia Technologies.
Mercia is a national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high growth potential. The investment is part of a ~£2.4m syndicated investment round.
Medherant spun out of the University of Warwick in 2014 and received its first investment from Mercia’s managed funds in 2015. Since then the company has secured an exclusive worldwide licence from Bostick SA for the medical use of a novel adhesive which is protected by an extensive patent estate. Mercia now holds a 33.6% direct equity stake in the business.
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 is enabling us to progress the development of patch products that will bring significant benefits to patients across the globe.”
Mark Payton, Mercia CEO, said: “Medherant represents Mercia’s second largest investment within our direct investment portfolio of Life Science & Biosciences companies, which combined account for ~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.”
