Microdermics, 2016 BCIC-New Ventures winner, announced today the completion of their $1 million financing round, which was oversubscribed and received robust global interest.
Microdermics has developed the only commercially scalable, low-cost, customizable, metal, hollow, microneedle platform that provides efficient delivery of vaccines and biologics—addressing the reliance worldwide on the 160-year old, generic hypodermic needle.
“Our investment in Microdermics is an example of finding an excellent, well-run company providing a solution to a global need,”said Ray Chan, founding partner of K5 Ventures.
“Shoreline has been an active investor in the drug formulation and delivery space for some time. When first presented with the Microdermics story it immediately resonated with us. We are always on the lookout for innovative technologies that give the end user a more convenient and less invasive experience and provides superior efficacy for the drugs or vaccines being delivered. Their unique approach addressed both of these and we are delighted to be part of this exciting opportunity,”said Peter Craddock, Managing Director of Shoreline Ventures.
“This funding has come at the perfect time for us,” concluded Microdermics CEO, Grant Campany.“ It will allow us to execute a few critical hires and invest in infrastructure to support clinical scale-up activities planned for 2017.”
Reproduced from BioPortfolio. Read more below.