ArrayPatch Secures €1.6M in First Close of Seed Round to Advance Microneedle Patch for Nail Fungus Treatment
Key Insights
ArrayPatch Ltd (search) has raised €1.6 million in the first close of a €3 million seed funding round to advance ITZ-DerMap™ (search), a novel microneedle patch for treating onychomycosis (search) (nail fungus (search)).
The company's proprietary DerMap™ platform features polymer-free microneedles made entirely from the drug being delivered, which dissolve upon skin penetration to release medication at the target site.
Lakeside Capital Ltd (search) led the funding round, with additional investors including Enterprise Ireland, The Boole Investment Syndicate (search), and DeepIE Ventures (search).
ArrayPatch Ltd (search), a Cork-based biotech company developing innovative microneedle-based therapeutics, has announced the first close of its €3 million seed funding round, securing €1.6 million to advance its lead program ITZ-DerMap™ (search) for the treatment of onychomycosis (search) (nail fungus (search)). The round was led by Lakeside Capital Ltd (search), with participation from Enterprise Ireland, The Boole Investment Syndicate (search), and DeepIE Ventures (search).
The new financing will enable ArrayPatch to accelerate the clinical development of ITZ-DerMap™ (search), the first product emerging from its proprietary DerMap™ platform, towards clinical proof-of-concept. Additionally, €0.3 million of previously issued convertible loan notes along with accrued interest converted into equity in the company following the first close.
Novel Microneedle Technology Platform
ArrayPatch's DerMap™ platform represents a distinctive approach to targeted drug delivery, utilizing pain-free microneedle patches comprising microscopic needles that are uniquely polymer-free and made entirely from the drug being delivered. Upon application of the patch, the microneedles penetrate the outer layer of skin, dissolve and release medication directly to the target site.
This innovative delivery mechanism addresses the challenges associated with traditional nail fungus (search) treatments by providing targeted, localized drug delivery. The polymer-free design distinguishes ArrayPatch's technology from conventional microneedle approaches, potentially offering improved biocompatibility and drug release profiles.
Leadership and Investment Impact
"With this first close of our seed round secured, we are well-positioned to advance ITZ-DerMap™ (search) into clinical development and bring a transformational treatment option to patients suffering from nail fungus (search)," said Dr. Waleed Faisal, Co-Founder and CEO of ArrayPatch.
Sean Corkery, Director at Lakeside Capital, will join the ArrayPatch Board of Directors in conjunction with the investment. "The team's innovative approach to targeted drug delivery positions the company for a breakthrough clinical and commercial opportunity in multi-billion dollar global therapeutic markets," Corkery stated.
Company Recognition and Pipeline
ArrayPatch, which was spun out from University College Cork, has garnered significant recognition in the biotechnology sector. The company was the winner of the InterTradeIreland all-island Seedcorn Investor Readiness Competition 2025, winner of the 2023 IDEATE Ireland competition, and received Innovation of the Year at the 2022 Irish Pharma Awards.
Beyond its lead nail fungus (search) program, ArrayPatch has additional applications under development for skin cancer (search), diabetes (search), weight loss, and migraine (search), suggesting the broad therapeutic potential of its DerMap™ platform technology.
The successful first close positions ArrayPatch to advance its clinical development timeline and potentially establish a new standard of care for onychomycosis (search) treatment through its innovative microneedle delivery system.