Needle-free Injection System Secures £2.1 Million From Oxford Angels - Fundraising Completed In Just One Month

Main Category: Medical Devices / Diagnostics
Article Date: 14 Dec 2005 - 13:00 PDT

email to a friend   printer friendly   opinions  

Caretek Medical Ltd, an Oxford-based company (UK) 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 4 VCT plc and supported by Oxfordshire Investment Opportunity Network (OION), Europe's leading technology business angel network, and business angel investors.

Caretek's patented ImplaJect(R) 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(R) technology through clinical trials of its first "own brand" product that will combine the device with well-established generic drugs.

The ImplaJect(R) 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(R) 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(R) technology."

The needle-free ImplaJect(R) 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 ImplaJect9R) 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(R) system rather than by traditional needle and syringe. ImplaJect(R) 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(R) can also generate substantial cost savings as it eliminates the need to make arrangements for needle disposal - a major issue as 15 billion 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.

Dr 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 have demonstrated that their ImplaJect(R) 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 4 VCT, and Caretek is one of a number of innovative healthcare businesses that OION investors have backed this year."

Oxfordshire Investment Opportunity Network (OION)
Press enquiries to
Margaret Henry
PR Manager.
Tel: +44 (0)1865 811199
m.henry@oxin.co.uk

Oxfordshire Investment Opportunity Network is Europe's most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2 million. OION helped 13 companies raise £2.5m in the year to March 2005, and during the last five years, has helped 74 companies raise £17.3m.

OION holds monthly meetings where selected companies pitch their proposals to OION's members, which include over 130 active business angels, VCTs and venture capitalists.

Many of these companies are university spin-outs and OION has strong links, with universities that have a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

OION is managed by Oxford Innovation Ltd (www.oion.co.uk), the UK's leading operator of innovation centre premises for start-up companies, and sponsored by HSBC Bank, Grant Thornton, Laytons, MTI, Frank B Dehn & Co, NESTA and Business Link.

For further information:
www.oion.co.uk

Caretek Medical Ltd
Press enquiries to:
Dr Charles Potter
Chief Executive Officer.
Tel: +44 (0)8700 853700
charles.potter@caretekmedical.co.uk

Caretek Medical Ltd is based at Milton Park, Oxfordshire, UK. The Company was incorporated in 2001 and is focused on the commercialisation of the ImplaJect(R) technology for a range of drug applications. The inventor of the ImplaJect(R) technology and founder of Caretek Medical is Dr Charles Potter, who holds the position of Chief Executive Officer. Previous seed funding was attracted in 2003 from Oxford Technology VCT and first round equity funding was secured in February 2005 from Oxford Technology VCT and a number of business angels.

For further information:
www.caretekmedical.co.uk

The ImplaJect(R) Technology

The ImplaJect(R) technology is a needle-free drug delivery system that delivers a drug in a solid dosage form into the skin. The simple spring powered device is very easy to use and minimal training is required making it ideal for the self administration of drugs in the home environment. In the clinic volunteers stated that they preferred an administration with the ImplaJect(R) system rather than an injection with a standard needle and syringe. Storing drugs in a solid dosage form typically makes them more stable and therefore refrigeration may not be essential, as is often the case with liquid formulations. In addition, a solid dosage form enables both immediate and / or controlled release of the drug to the blood stream.

• Additional
• References
• Citations