LONDON (Alliance News) - Mercia Technologies PLC on Tuesday said it has invested GBP650,000 into a transdermal patch drug delivery system company Medherant Ltd as part of a syndicated GBP1.5 million fundraising round.
The GBP650,000 direct investment follows an early-stage investment made in the company by third-party funds managed by Mercia's Mercia Fund Management subsidiary.
The early-stage investor said its investment will support Medherant to take its transdermal patches through the "good manufacturing practice" as well as to undertake pre-clinical work ahead of early commercialisation.
Medherant is currently focused on delivering its transdermal drug delivery patch, named the TEPI Patch, for the widely used pain management drugs Ibuprofen and methyl salicylate.
Mercia said the technology has the potential to remove huge cost burdens from healthcare systems due to its ease of manufacture and reduced use of materials.
Mercia shares were untraded on Tuesday, having last traded at 49.15 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Mercia Asset (MERC)