Business
£3.8million syndicated investment into Medherant
£3.8million syndicated investment into Medherant.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 8835Y Mercia Technologies PLC 11 December 2017 \n\n\n\n\n\nRNS\n\n\n11 December 2017\n\n\n\n\n \nMercia Technologies PLC\n(\"Mercia\" or the \"Group\")\n \nMercia invests £2.5million as part of £3.8million funding round in Medherant\nMercia Technologies PLC (AIM: MERC), the national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that it has invested £2.5million as part of a £3.8million funding round in Medherant Limited (\"Medherant\"), a University of Warwick spinout company developing an innovative transdermal drug delivery patch technology. \nMercia's investment in this significant funding round is alongside both private investors and other current shareholders. The Group's direct equity shareholding has now risen from 11.3% to 32.4%. This new funding will support Medherant as it moves into clinical development and the commercialisation of its ibuprofen TEPI Patch®, as well as initiating development of its second product, a lidocaine TEPI Patch®.\nMedherant's TEPI Patch® is a novel proprietary platform capable of delivering higher doses of drugs through the skin to act locally or systemically. Transdermal delivery has many advantages, including fewer side effects, improved patient compliance and the potential to deliver drugs that are unsuitable for oral administration.\nSince Mercia's first investment in June 2015 through its managed funds, Medherant has secured an exclusive licence agreement with Bostik SA, a leading adhesive specialist, to use its novel pressure sensitive adhesive material in the development of the company's TEPI Patch®. \nNigel Davis, CEO of Medherant, said: \"We are grateful to have the continued financial support of Mercia and pleased to be working closely with the team as we move into the next exciting phase of Medherant's development. Our TEPI Patch® technology is generating global interest and we are now working with several leading pharmaceutical companies as we develop our own product pipeline.\"\nMark Payton, Chief Executive Officer at Mercia, said: \"Medherant's highly versatile platform is compatible with a wide range of drugs, enabling a transdermal route to market for drugs not currently suitable for formulati...