ArrayPatch has raised €1.6m in the first close of its €3m seed funding round to advance ITZ-DerMap, its microneedle patch for nail fungus.
The Cork-based biotech is developing microneedle therapeutics, with its lead programme focused on onychomycosis, commonly known as nail fungus.
ArrayPatch’s DerMap platform uses pain-free microneedle patches made up of tiny needles that are polymer-free and formed entirely from the drug being delivered.
When applied, the needles penetrate the outer skin layer, dissolve and release the medicine at the target site.
The new financing will allow ArrayPatch to speed up clinical development of ITZ-DerMap, its first product, towards clinical proof-of-concept.
About €300,000 of previously issued convertible loan notes, along with accrued interest, also converted into equity following the first close.
Dr Waleed Faisal, co-founder and chief executive, 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.”
The round was led by Lakeside Capital. Additional investors included Enterprise Ireland, The Boole Investment Syndicate and DeepIE Ventures.
Sean Corkery, director at Lakeside Capital, will join the ArrayPatch board of directors in conjunction with the investment.
He 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 was spun out from University College Cork and was the winner of the InterTradeIreland all-island Seedcorn Investor Readiness Competition 2025, winner of the 2023 IDEATE Ireland competition and Innovation of the Year at the 2022 Irish Pharma Awards.
The company says it has additional applications under development for skin cancer, diabetes, weight loss and migraine.
