Mercia Asset Management PLC Medherant partners with Cycle Pharmaceuticals
14 May 2020 - 4:00PM
RNS Non-Regulatory
TIDMMERC
Mercia Asset Management PLC
14 May 2020
RNS Reach 14 May 2020
Mercia Asset Management PLC
("Mercia" the "Company" or the "Group")
Medherant partners with Cycle Pharmaceuticals to develop new
products using TEPI(R) Patch technology
Mercia Asset Management PLC (AIM: MERC), the proactive regional
specialist asset manager, is pleased to announce that Medherant Ltd
("Medherant"), the transdermal drug delivery company in which it
holds a 30.1% direct stake, has entered into a partnership with
Cycle Pharmaceuticals ("Cycle") to develop new products using
Medherant's proprietary TEPI Patch(R) technology.
Under the terms of the partnership, Medherant will receive an
initial upfront licence payment with an additional upfront payment
for each candidate drug targeted. Medherant will also receive
royalty payments on future sales of the products developed under
the partnership, using the TEPI(R) Patch platform.
Work will commence immediately on the first two products, which
will be reformulations of medicines used to treat rare neurological
disorders, an area where improvements in ease of use are vital for
compliance and quality of life. Some of the benefits of the TEPI(R)
Patch technology include less frequent drug administration, reduced
side effects and improved patient compliance. Following TEPI
Patch(R) formulation development by Medherant, Cycle will be
responsible for clinical development and registration, and will
commercialise the products arising from this collaboration.
About Medherant and Mercia's investment
Medherant is a University of Warwick spinout. Mercia first
invested in Medherant through its third-party managed funds in
2015, and then subsequently via its own balance sheet. Since then
Medherant has built out its board and management team, expanded its
intellectual property estate, demonstrated the broad applicability
of its technology and developed scalable production. The company
has two unpartnered lead products of its own: an Ibuprofen patch at
clinical stage and a pre-clinical product addressing smoking
cessation.
Dr Mark Payton, CEO, Mercia Asset Management and NED on the
board of Medherant, said:
"The collaboration with Cycle is an important development for
Medherant and one which could ultimately help improve the lives of
many patients suffering with rare neurological disorders. This is a
great example of how Medherant's innovative technology for the
administering of medicines can create significant benefit for
end-users. We are pleased to have supported Medherant for a number
of years and look forward to them building on this success."
Ends
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Richard Andrews
N+1 Singer (Joint Broker)
+44 (0)20 7496
Harry Gooden, James Moat 3000
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Antonia Powell
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital: the Group's
'Complete Capital Solution'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK regional footprint through its eight
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP800million of assets under management
and, since its IPO in December 2014, has invested over GBP90million
across its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the epic
"MERC".
About Cycle Pharmaceuticals
Cycle Pharmaceuticals is a pioneering pharmaceutical company,
reimagining how drugs can benefit patients, to improve the efficacy
of their treatments and their quality of life at every stage. Cycle
then delivers these patient benefits through cutting-edge,
patent-protected pharmaceutical technologies.
Cycle is headquartered in Cambridge, UK and has an office in
Boston, Mass. (USA).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRABXGDUUDBDGGX
(END) Dow Jones Newswires
May 14, 2020 02:00 ET (06:00 GMT)
Mercia Asset Management (LSE:MERC)
Historical Stock Chart
From Apr 2024 to May 2024
Mercia Asset Management (LSE:MERC)
Historical Stock Chart
From May 2023 to May 2024