Mercia Technologies announced an additional £2.0m direct investment as part of a circa £2.4m syndicated investment round into Medherant Limited. Currently Mercia holds a 33.6% direct equity stake in the business.
The latest investment will enable Medherant to finalise the selection of three TEPI Patch products to take into clinical development. Medherant will be showcasing its patch technology to over 16,000 attendees from 74 countries at the BIO International Convention in Philadelphia at the beginning of June.
Mark Payton, CEO at Mercia Technologies, commented: “Medherant represents Mercia’s second largest investment within our direct investment portfolio of Life Science & Biosciences companies, which combined account for circa 25% of our 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.”