ArrayPatch, an Ireland-based biotech company developing innovative microneedle-based therapeutics, has announced the first close of its €3 million seed funding round, securing €1.6 million to advance its lead programme ITZ-DerMap for the treatment of onychomycosis, according to PR Newswire.

The Cork-based company's funding round was led by Lakeside Capital, with additional investment from Enterprise Ireland, The Boole Investment Syndicate and DeepIE Ventures. Sean Corkery, director at Lakeside Capital, will join the ArrayPatch board of directors following the investment. An additional €0.3 million of previously issued convertible loan notes and accrued interest converted into equity.

The financing will enable ArrayPatch to accelerate clinical development of ITZ-DerMap, the first product from its proprietary DerMap platform, towards clinical proof-of-concept. DerMap is a pain-free microneedle patch comprising microscopic needles which are uniquely polymer-free and made entirely from the drug being delivered.

Dr Waleed Faisal, co-founder and chief executive of ArrayPatch, said: "With this first close of our seed round secured, we are well-positioned to advance ITZ-DerMap into clinical development and bring a transformational treatment option to patients suffering from nail fungus."

Sean Corkery said: "The team's innovative approach to targeted drug delivery positions the company for a breakthrough clinical and commercial opportunity in multi-billion dollar global therapeutic markets."

ArrayPatch is a Cork-based biotech company spun out from University College Cork developing microneedle-based therapeutics using its polymer-free DerMap platform.

The company's lead programme, ITZ-DerMap, targets onychomycosis, with additional applications under development for skin cancer, diabetes, weight loss and migraine.

ArrayPatch has secured significant non-dilutive funding and industry recognition to support its development strategy.

Learn more about how microneedle technology is transforming drug delivery in dermatological therapeutics in the full story.