ArrayPatch Secures €1.6 Million in Seed Funding to Advance Microneedle Technologies
Cork-based biotech firm ArrayPatch, founded by Dr. Waleed Faisal, a formulation scientist with a PhD from University College Cork, has successfully raised an additional €1.6 million in its ongoing seed funding round. This latest infusion of capital increases the total raised by the company to €3.2 million.
Funding Utilization Plans
The new capital will be directed towards propelling the startup’s microneedle therapies into their inaugural human trials, with a primary focus on the development of fully dissolving GLP-1 patches for the treatment of obesity and diabetes.
Investor Contributions
The recent funding round has seen contributions from the climate-centric Irish venture capital firm WakeUp Capital, along with support garnered via the venture crowdfunding platform Spark Venture Funding. The round also received backing from existing principal investors Lakeside Capital and DeepIE Ventures, as well as Dr. Mark Ledwidge, a professor of medicine at University College Dublin. Additional investors included Enterprise Ireland and The Boole Investment Syndicate.
Innovative Product Development
ArrayPatch is noted for creating ‘DerMap’, a unique microneedle patch composed entirely of medicinal ingredients, eliminating the need for polymers to maintain its structure. This innovative approach allows for a considerably higher drug load, according to the announcement made by the company on November 5.
Focus on GLP-DerMap and Other Therapeutics
The seed funding is intended to facilitate the advancement of DerMap dissolving microneedle patches towards their initial first-in-human studies, concentrating on GLP-based treatments. Currently, GLP-DerMap, the company’s flagship product, is in the pre-clinical development stage. ArrayPatch is also engaged in developing therapies for skin cancer and nail fungus, having established a collaboration with Research Ireland’s Rinn Pharma & Biopharma center earlier this year.
Vision for Patient-Centric Solutions
Dr. Faisal expressed, “Our primary focus is now on GLP-DerMap, where we believe our technology has the potential to offer a new, patient-friendly approach to the delivery of GLP-1 medicines. We are also continuing to advance our programs in skin cancer and nail fungal infection.”
Future Impact and Board Expansion
Andrew Parish, a partner at WakeUp Capital, commented on the transformative potential of the startup’s technology, saying it could “make a significant global impact” by addressing environmental and safety issues associated with traditional injections. Parish is set to join the board of directors at ArrayPatch.
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