ArrayPatch Secures €3M Seed Funding to Advance Nail Fungus Treatment

ArrayPatch Ltd, a biotech firm in Cork, Ireland, has announced securing €1.6 million in a €3 million seed funding round. This initiative aims to progress its leading product, ITZ-DerMap™, targeting onychomycosis, or nail fungus. The funding was led by Lakeside Capital Ltd, with contributions from Enterprise Ireland, The Boole Investment Syndicate, and DeepIE Ventures. A conversion of €0.3 million in convertible loan notes into equity was also part of this financial milestone.

The financing will expedite the clinical development of ITZ-DerMap™, which is derived from ArrayPatch's DerMap™ platform. This platform features pain-free microneedle patches designed solely from the drug they deliver, offering a novel solution in targeted drug delivery. Dr. Waleed Faisal, CEO of ArrayPatch, expressed optimism about advancing ITZ-DerMap™ into clinical stages, while Lakeside Capital's Sean Corkery highlighted the therapeutic potential in global markets.