Coventry, UK-based Medherant has raised £3.8 million in its latest funding round to help further development of its ibuprofen TEPI Patch.
Majority shareholder Mercia Technologies led the round, with the balance coming from other existing shareholders as well as new private investors.
Medherant’s next-generation drug delivery platform, TEPI Patch, is designed to combat limitations of patches currently on the market.
According to the firm, the system is compatible with a wide range of medicines and has a greater loading capacity than other drug-in-adhesive patch technologies enabling more drug to be delivered, either locally or systemically.
Medherant has completed non-clinical work on its lead product, ibuprofen TEPI Patch, and is currently working with AdhexPharma to manufacture product, ready for clinical trials in Spring 2018.
“Our TEPI Patch technology is generating global interest and we are now working with several leading pharmaceutical companies at the same time as we develop our own product pipeline,” noted chief executive Nigel Davis.