Needle-Free Injection System Secures Funding
Caretek Medical Ltd, 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.
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 Dr Charles Potter, Caretek’s founder and Chief Executive Officer.
Dr 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 our ImplaJect® technology. I am also pleased that the fundraising wascompleted 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.
Dr 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.
Dr Potter 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.”
Author: www.caretekmedical.co.uk
Created Date: 02-02-2006
