Mercia Asset Share News (MERC)

(Sharecast News) - Technology investment company Mercia Technologies announced an additional £2m direct investment as part of a £2.4m syndicated investment round into Medherant on Tuesday.The AIM-traded firm described Medherant as a clinical-stage company developing "innovative products" for pain and CNS diseases, using a unique transdermal delivery technology - 'TEPI Patch'.It said the global transdermal drug delivery market in which Medherant operated was expected to reach $7.1bn by 2023, from an estimated $5.7bn in 2018, at a compound annual growth rate of 4.5% during the forecast period.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 had developed an extensive patent estate and secured an exclusive worldwide licence from Bostik for the medical use of a novel adhesive.Mercia now held a 33.6% direct equity stake in the business.It said the latest investment would enable Medherant to finalise the selection of three TEPI Patch products to take into clinical development.Medherant would be showcasing its unique patch technology to more than 16,000 attendees from 74 countries at the BIO International Convention in Philadelphia at the beginning of June, Mercia added."TEPI Patch technology holds great promise as a better way of delivering many different types of drugs," said Medherant chief executive officer Nigel Davis."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, added that Medherant represented Mercia's second largest investment within its direct investment portfolio of life science and biosciences companies, which combined account for about 25% of its 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."