What's Happening?
ArrayPatch Ltd, a biotech company based in Cork, Ireland, has announced the first close of its €3 million seed funding round. This funding is aimed at advancing its lead program, ITZ-DerMap, a novel therapeutic designed for the treatment of onychomycosis, commonly known as nail fungus. The company has secured €1.6 million of the round, led by Lakeside Capital Ltd, with additional investments from Enterprise Ireland, The Boole Investment Syndicate, and DeepIE Ventures. The funding will accelerate the clinical development of ITZ-DerMap, which is part of ArrayPatch's DerMap platform. This platform uses polymer-free dissolving microneedles to deliver therapeutic agents directly to target tissues in a painless and efficient manner. The microneedles penetrate
the skin, dissolve, and release medication to the target site. Dr. Waleed Faisal, Co-Founder and CEO of ArrayPatch, expressed confidence in advancing ITZ-DerMap into clinical development, aiming to provide a transformational treatment option for patients suffering from nail fungus.
Why It's Important?
The development of ITZ-DerMap represents a significant advancement in the treatment of onychomycosis, a condition that affects millions globally and has limited effective treatment options. The innovative microneedle technology offers a pain-free and efficient method of drug delivery, potentially improving patient compliance and outcomes. The successful funding round underscores investor confidence in ArrayPatch's technology and its potential to disrupt multi-billion dollar global therapeutic markets. This development could lead to broader applications of the DerMap platform, including treatments for skin cancer, diabetes, weight loss, and migraines, thereby expanding its impact on the healthcare industry.
What's Next?
With the secured funding, ArrayPatch is poised to move ITZ-DerMap into clinical development, aiming for clinical proof-of-concept. The company will likely focus on conducting clinical trials to validate the efficacy and safety of the treatment. As the development progresses, ArrayPatch may seek additional funding to support further clinical trials and eventual commercialization. The involvement of key investors and the addition of Sean Corkery from Lakeside Capital to the Board of Directors may provide strategic guidance and support in navigating the regulatory and commercial landscape.
