ArrayPatch Raises 3.2 Mln Euros For Diabetes, Obesity Microneedle Patch

KUALA LUMPUR, Nov 6 (Bernama) -- Biotech company, ArrayPatch Ltd (ArrayPatch) has completed the second close of its seed financing round, securing an additional 1.6 million euros, bringing the total raised to 3.2 million euros, as it develops skin patches that deliver medicine through tiny dissolving needles. (1 Euro = RM4.54)

The latest funding was co-led by impact-focused venture capital firm WakeUp Capital, with funds also raised through Spark Venture Funding and from Dr Mark Ledwidge, alongside existing lead investor Lakeside Capital and DeepIE Ventures.

ArrayPatch said the funds will help advance its DerMap dissolving microneedle patch platform towards first trials in humans, initially for treating obesity and diabetes and for basal cell carcinoma, a common form of skin cancer.

“The successful completion of our 3.2 million euros seed round is an important milestone for ArrayPatch and provides the resources to accelerate the development of our pipeline,” said ArrayPatch Founder and Chief Executive Officer, Dr Waleed Faisal in a statement.

He said the company’s main focus is now a patch to deliver GLP-1 medicines, a class of treatments used for diabetes and weight loss, which he believes could offer a new, patient-friendly way of delivering them.

According to ArrayPatch, DerMap patches are the only ones in which the microneedles are made entirely of the medicine being delivered, requiring no polymer and allowing them to carry significantly more medicine. It can be used to deliver both small molecules and peptides.

WakeUp Capital Partner, Andrew Parish said ArrayPatch’s technology is designed to address patient and environmental challenges linked to medicines given by traditional injections.

Parish will join ArrayPatch’s board alongside newly appointed chair Dr Neil Thomas. Other investors in the round included Enterprise Ireland and the Boole Investment Syndicate.

-- BERNAMA