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Medherant has announced that it is the recipient of a new £2-million (US$2.5-million) investment from Mercia Technologies.
In a May 21, 2019 press release, Medherant, a developer of transdermal drug delivery products, has announced that it is the recipient of a new £2-million (US$2.5-million) investment from Mercia Technologies.
These additional funds form part of a syndicated investment round, which is worth approximately £2.4 million (US$3 million). It is expected that through the monies raised, Medherant will be able to finalize its selection of three TEPI Patch products into the clinical development stage. Medherant will be showcasing its TEPI Patch technology during the BIO International Convention in Philadelphia in June 2019.
“TEPI Patch technology holds great promise as a better way of delivering many different types of drugs,” said Nigel Davis, CEO of Medherant. “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.”
“Medherant represents Mercia’s second largest investment within our direct investment portfolio of Life Science & Biosciences companies, which in combination account for circa 25% of our direct investment portfolio by value,” added Mark Payton, chief executive officer at Mercia Technologies. “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.”
As a result of Mercia’s investment into Medherant, it now holds a third of the direct equity stake within the business.