Dual investment for life sciences start-ups Medherant and MIP Diagnostics
Mercia Fund Management has backed almost £500,000 in transdermal drug delivery system and antibody chemical substitute developer
Mercia Fund Management (MFM) – an investor in UK tech start-ups – has backed two university life sciences spin-outs; Medherant and MIP Diagnostics.
Medherant, founded by Warwick Ventures Ltd, has received a £300,000 capital injection to fuel the development of its patch delivery system which is said to enhances the efficiency of market ready drugs.
Similarly MIP Diagnostic Ltd, a spin-out from the University of Leicester that develops antibody chemical substitutes for research, has received £182,000 to support its growth ambitions.
Medherant’s technology provides painkillers, anti-infectives or hormone therapies in high concentration, single layer patches that were not previously suitable for this kind of delivery.
The company’s capabilities were recently enhanced through a deal allowing it to use Bostik’s heat and moisture curable press sensitive adhesive.
MIP Diagnostic’s technology provides Molecular Imprinted Polymers (MIPS) to the pharmaceutical, diagnostic and chemical research industries. MIPS mimic biologoical antibodies, but as they are not biologically derived, are more stable and cost effective.
Last month MFM invested in £250,000 in natural search specialist Intelligent Positioning, and £50,000 in life sciences business CDL.
Andrew Lee, business development manager at Warwick Ventures Ltd, said:
“The hard work and commitment of the Medherant management team and the Mercia Fund has meant that we were able to get the company, set up, funded and ready to go in record time. We are all very optimistic about Medherant’s future!”
Dr Sharon Spencer, director of technology commercialisation at the University of Leicester, added:
“The investment by Mercia Fund Management into the MIP technology is testament to its potential as an innovative research tool.