ArrayPatch Secures Seed Funding for Nail Fungus Treatment
Today, ArrayPatch Ltd, a pioneering biotech firm based in Ireland, has successfully announced the closure of its initial €3 million seed funding round. This funding will significantly boost the advancement of its lead program, ITZ-DerMap™, specifically designed to combat onychomycosis, commonly known as nail fungus.
Key Investors and Funding Details
Out of the total funding amount, €1.6 million has already been achieved, primarily led by Lakeside Capital Ltd. The investment round has attracted additional support from various esteemed investors, including Enterprise Ireland, The Boole Investment Syndicate, and DeepIE Ventures. To further strengthen the board, Sean Corkery from Lakeside Capital will be joining the ArrayPatch Board of Directors. Additionally, €0.3 million from previously issued convertible loan notes has converted into equity post-funding.
Advancement of ITZ-DerMap™
This newly acquired financing will play a crucial role in accelerating the clinical development process of ITZ-DerMap™, the first product to emerge from ArrayPatch's innovative DerMap™ platform. The DerMap™ technology utilizes a unique, pain-free microneedle patch that comprises no polymers, as it is crafted entirely from the drug itself.
How ITZ-DerMap™ Works
When applied, these innovative microneedles penetrate the outer layer of the skin, dissolve, and release the therapeutic compounds directly where they are needed. This targeted delivery system is expected to provide efficient treatment options for those suffering from nail fungus, bringing much-needed relief to patients.
Expert Insights on the Investment
Dr. Waleed Faisal, Co-Founder and CEO of ArrayPatch, expressed enthusiasm regarding the funding: "With this first close of our seed round secured, we are well-positioned to advance ITZ-DerMap™ into clinical development and offer a groundbreaking treatment option for individuals plagued by nail fungus."
Sean Corkery, Director at Lakeside Capital, also shared his perspective, stating, "We are thrilled to support ArrayPatch at such a pivotal moment. The company’s innovative approach to drug delivery holds tremendous potential for significant breakthroughs in the lucrative global therapeutic markets."
Award Recognition and Future Directions
ArrayPatch’s commitment to innovation has not gone unnoticed. The company has received accolades including winning the prestigious InterTradeIreland all-island Seedcorn Investor Readiness Competition, clinching first place in the 2023 IDEATE Ireland competition, and recognition as Innovation of the Year at the 2022 Irish Pharma Awards.
About ArrayPatch Ltd
ArrayPatch is committed to shaping the future of therapeutics through its development of next-generation microneedle-based solutions. Leveraging its DerMap™ platform, the company aims to facilitate painless and targeted drug delivery directly to specific tissue areas. The primary focus remains on attacking the unmet needs surrounding onychomycosis, while the company is also exploring treatments for skin cancer, diabetes, weight loss, and migraines. With a solid foundation rooted in research from University College Cork, ArrayPatch is on a growth trajectory bolstered by notable recognition and funding.
Frequently Asked Questions
What is ArrayPatch focused on developing?
ArrayPatch is primarily focused on developing innovative microneedle-based therapeutics, especially aimed at treating nail fungus.
Who are the main investors in the recent funding round?
The recent funding round is led by Lakeside Capital Ltd, with additional support from Enterprise Ireland, The Boole Investment Syndicate, and DeepIE Ventures.
What is ITZ-DerMap™?
ITZ-DerMap™ is ArrayPatch's flagship product which utilizes a novel microneedle delivery system to effectively treat nail fungus.
What advancements can the funding support?
The funding will enable ArrayPatch to accelerate the clinical development of ITZ-DerMap™, bringing it closer to market readiness.
Where is ArrayPatch headquartered?
ArrayPatch is located in Cork, Ireland, where it continues to innovate in the field of biotechnology.
