Medherant, a medical technology company spun out from the University of Warwick in the UK, has raised £3.8 million in new capital.
Mercia Technologies led the round by investing £2.5 million, bringing its stake in the company to 32.4%.
Medherant, based in Coventry, is developing the TEPI Patch, a transdermal drug delivery patch for administering higher doses of drugs through the skin.
The new funding will be used to move the patch into clinical development and eventual commercialisation. The patch is being manufactured by French firm AdhexPharma with clinical trials pencilled in for early 2018 while the company is also planning development of a second product in the future.
“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,” said Nigel Davis, CEO of Medherant.