ArrayPatch Ltd (“ArrayPatch”), a biotech company developing innovative microneedle-based therapeutics, announced the successful completion of the second close of its seed financing round, securing an additional €1.6 million, bringing the total raised to €3.2 million. The latest investment comes from impact-focused venture capital firm WakeUp Capital along with funds raised via Spark Venture Funding and Dr. Mark Ledwidge plus existing lead investor Lakeside Capital and DeepIE Ventures.

The proceeds from the seed financing will be used to accelerate the development of programs leveraging its proprietary DerMap™ dissolving microneedle patch platform towards first-in-human studies, with an initial focus on GLP-DerMap™ for the treatment of obesity and diabetes, and VIS-DerMap™ for the treatment of basal cell carcinoma. DerMap™ is the only microneedle patch delivery technology whereby the microneedles are made entirely from the medicine being delivered, thus requiring no polymer, allowing significantly higher drug loading capacity. The platform can be used to deliver both small molecules and peptides.

“The successful completion of our €3.2 million seed round is an important milestone for ArrayPatch and provides the resources to accelerate the development of our pipeline,” said Dr. Waleed Faisal, Founder and CEO of ArrayPatch. “Our primary focus is now 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 programmes in skin cancer and nail fungal infection.”

“We are delighted to co-lead this round as ArrayPatch is advancing a novel technology designed to address numerous patient and environmental challenges associated with medicines administered by traditional injections, setting the company on track to make a significant global human and environmental impact.” said Andrew Parish, Partner at WakeUp Capital.

Additional investors in the €3.2 million seed round included Enterprise Ireland, The Boole Investment Syndicate and a number of private investors. Andrew Parish, Partner at WakeUp Capital, will join the ArrayPatch Board of Directors, alongside recently appointed Chair, Dr. Neil Thomas.