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- ArrayPatch Ltd has raised €1.6 million in the first close of a €3 million seed funding round to advance ITZ-DerMap™, a novel microneedle patch for treating onychomycosis (nail fungus). - 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 led the funding round, with additional investors including Enterprise Ireland, The Boole Investment Syndicate, and DeepIE Ventures. - The financing will enable ArrayPatch to accelerate clinical development of ITZ-DerMap™ toward clinical proof-of-concept for this transformational nail fungus treatment.
- ArrayPatch, a University College Cork spinout, won the top prize at the €800K Seedcorn awards for its DerMap microneedle technology that delivers medication through dissolving patches applied to the skin. - The company's innovative approach creates microneedles from "pure medicine" rather than traditional polymers, achieving 56 times higher drug delivery levels than oral and topical treatments in animal trials for nail fungal infections. - ArrayPatch is raising €3M in seed funding and plans first-in-human trials in Q1 2025, targeting a market worth $6.2 billion for nail fungal infections alone by 2027. - The platform technology has potential applications beyond nail infections, including skin cancer, diabetes, migraines, and hormone replacement therapy, representing a combined market opportunity of $70 billion.
- Dublin-based biotech Meta-Flux has secured €1.8 million in seed funding from senior executives at Pfizer, Merck, and Gilead Sciences to expand its AI-powered drug development platform. - The company's "biology-first" AI platform analyzes complex biological datasets to help researchers identify optimal drug applications and patient populations, addressing the issue that many drugs fail due to wrong applications rather than ineffective compounds. - Meta-Flux successfully identified novel biomarkers and flagged preclinical risks in early pilot runs with biotech firm Mercury, demonstrating the platform's potential to reduce the $2 billion average cost of bringing a successful drug to market. - The startup plans to expand its Irish technical team to eight specialists while strengthening business development in both US and European markets over the next 12-18 months.
- ProVerum Limited secured $80 million in Series B financing led by MVM Partners to advance commercialization of its ProVee System for treating benign prostatic hyperplasia. - The ProVee System utilizes a nitinol stent deployed through a flexible delivery system to reshape enlarged prostates and alleviate lower urinary tract symptoms. - New investors OrbiMed and Ireland Strategic Investment Fund joined the round alongside existing backers including Gilde Healthcare Partners and Lightstone Ventures. - The minimally invasive device is deployed using the same size endoscope routinely used for BPH diagnosis, potentially enabling office-based treatment procedures.