Coventry, UK, 21st May 2019 / Medherant Limited (“Medherant”), the clinical-stage developer of innovative transdermal delivery products for pain and CNS diseases using its unique TEPI Patch® technology, has today announced a new £2 million investment. The additional funding from Mercia Technologies PLC, the national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high growth potential, is part of a circa £2.4 million syndicated investment round.
The global transdermal drug delivery market in which Medherant operates is expected to reach $7.1 billion by 2023 from an estimated $5.7 billion in 2018, at a CAGR of 4.5% during the forecast period1.
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.
This latest investment will enable Medherant to finalise the selection of three TEPI Patch® products to take into clinical development.
Medherant will be showcasing its unique patch technology to over 16,000 attendees from 74 countries at the BIO International Convention in Philadelphia at the beginning of June.
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 Officer at Mercia Technologies PLC, said: “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.”
Notes to Editors
Medherant Ltd is a developer of innovative transdermal drug delivery treatments for pain and CNS diseases. The Company was founded by Professor David Haddleton and the University of Warwick in 2015.
Medherant has built upon its founders’ world-leading expertise in bio-adhesives and polymer chemistry to create its unique patent protected TEPI Patch® drug delivery technology. TEPI Patch overcomes many of the limitations of patches currently on the market:
TEPI Patch technology can be used with a wider range of drugs, including those that are not suitable for oral administration.
The amount of drug that can be loaded into the patch is greater, enabling the development of more effective transdermal therapies.
The TEPI Patch contains a novel adhesive which will provide a better patient experience as the patch sticks to the skin for longer, is less painful to remove, and does not leave a mark on the skin.
Medherant is developing products containing proven drugs that it intends to license prior to commercialisation. The Company has successfully completed two Phase I clinical trials with its Ibuprofen TEPI Patch and is now seeking a partner for this programme.
Medherant also runs feasibility studies that give companies the opportunity to see the benefits of delivering their drugs using the TEPI Patch technology. Medherant seeks partnerships with companies wishing to extend the commercial life of their products or those that have drugs that cannot be delivered orally at sufficient dosage.
For more information, please see www.medherant.co.uk
About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions. The Group benefits from 19 university partnerships and offices across the Midlands, the North of England and Scotland providing it with access to high quality, regional deal flow. Mercia Technologies PLC is quoted on AIM with the epic "MERC".
Mercia's 'Complete Capital Solution' initially nurtures businesses via its third-party funds and then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet. Mercia has circa £500 million of assets under management and, since its IPO in December 2014, has invested over £78 million across its direct investment portfolio.
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer / Martin Glanfield, Chief Operating Officer
T: +44 (0)330 223 1430
Canaccord Genuity Limited
Simon Bridges, NOMAD / Emma Gabriel, Broker
T: +44 (0)20 7523 8000
Chris Lane / Vicky Hayns / Stephanie Watson
T: +44 (0)20 7466 5000