Device is the size of a fountain pen and uses a spring mechanism to deliver drugs through the skin in a solid dosage form
Caretek Medical (since renamed Glide Pharma - Ed), an Oxford-based company developing an innovative needle-free drug delivery device, has completed an oversubscribed £2.1 million funding round in just four weeks.
The round was led by Oxford Technology VCT and supported by Oxfordshire Investment Opportunity Network (OION), which describes itself as Europe's leading technology business angel network and business angel investor.
Caretek's patented ImplaJect device, which is the size of a fountain pen and uses a spring mechanism to deliver drugs through the skin in a solid dosage form, is already being investigated by pharmaceutical partners looking to combine the novel delivery system with their own proprietary drugs.
Caretek will use the new capital to fund development of the ImplaJect technology through clinical trials of its first own-brand product that will combine the device with well-established generic drugs.
The ImplaJect system was invented by Charles Potter, Caretek's founder and chief executive officer.
Potter said: "I am delighted that so many of our existing shareholders, led by Oxford Technology VCT, have re-invested in Caretek Medical.
"It is a great endorsement for the company and ImplaJect technology.
"I am also pleased that the fundraising was completed in just four weeks as the management team could maintain their primary focus on commercialisation of the ImplaJect technology".
The needle-free ImplaJect device accurately delivers drugs through the skin into the underlying tissue where the drugs dissolve and are released into the patient's bloodstream.
Potter believes that for many drug applications the ImplaJect technology could replace needle and syringe injections, which cannot deliver solid form drugs, cause discomfort, and carry an infection risk.
He explained: "During clinical trials, volunteers said that they preferred to receive drugs with our ImplaJect system rather than by traditional needle and syringe.
"ImplaJect is very easy to use making it ideal for patients to self-administer drugs at home.
"The ability to deliver solid form drugs means that the active drug ingredient can be released slowly into the bloodstream, maintaining its effect over a longer period of time, thus reducing the need for multiple injections.
"ImplaJect can also generate substantial cost savings as it eliminates the need to make arrangements for needle disposal - a major issue as 15billion needles are used worldwide every year - as well as benefiting patients with needle phobia and healthcare staff who suffer needle prick injuries, estimated at 600,000 to 800,000 annually with the risk of HIV or hepatitis infection".
This is the second time that Caretek has completed an oversubscribed equity funding round within a matter of weeks.
The company previously secured £550,000 in February 2005 - also with the help of Oxford Technology VCT and OION.
Jon Cox, Manager of OION, said: "We congratulate Caretek Medical on their second successful funding round, and we were pleased to play a part in helping the company raise the funds they need to assist with commercialisation of their revolutionary healthcare product.
"Caretek has demonstrated that its ImplaJect technology has significant advantages over conventional needle and syringe drug delivery methods, making the company an attractive investment proposition.
"OION works closely with Oxford Technology VCT, and Caretek is one of a number of innovative healthcare businesses that OION investors have backed this year."
