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University of Warwick spinout Medherant receives £1.5m

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Medherant, a spinout from the University of Warwick, has received £1.5m in funding from Mercia Technologies and a set of undisclosed new investors.

According to a statement, Mercia Technologies provided £650,000 worth of investment.

Medherant will use the funding to advance pre-clinical studies of its TEPI Patch®, which will seek to provide consumers with up to 24 hours of pain relief.

Speaking about the raise, Nigel Davis, CEO of Medherant, said: “We are delighted to continue our excellent relationship with Mercia, and also to secure funding from new investors. The process has been smooth, enabling us to continue to focus on technology development.

“These new funds will enable us to move ahead rapidly with pre-clinical studies for our lead TEPI Patch® programmes so that we can be ready for testing in the clinic in 2017,” he added.

Dr. Mark Payton, CEO of Mercia Technologies PLC, commented on his decision to invest in the tech firm: “We are delighted to transition Medherant into a direct investment, which further demonstrates the benefit of nurturing promising businesses over time.

“We have worked closely with the Medherant team to create and develop the business and its path to market, with the prospect of ultimately delivering value to our fund investors and Mercia’s shareholders alike. We look forward to supporting Medherant further as they take this innovative delivery system to market,” he concluded.

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