ArrayPatch Raises First Close Of €3M Seed Round To Advance ITZ-DerMap™ For Treatment Of Nail Fungus

€1.6 million of the seed round has been secured, led by Lakeside Capital Ltd, with participation from Enterprise Ireland, The Boole Investment Syndicate, and DeepIE Ventures. Sean Corkery, Director at Lakeside Capital, will join the ArrayPatch Board of Directors.

Additionally, €0.3 million from previously issued convertible loan notes, plus accrued interest, has been converted into equity following the first close.

The funding will be used to advance ITZ-DerMap™, ArrayPatch’s lead therapeutic for treating onychomycosis (nail fungus).

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Led by CEO Dr. Waleed Faisal, ArrayPatch develops innovative microneedle-based therapeutics. Its DerMap platform uses polymer-free dissolving microneedles to deliver treatments directly to target tissues efficiently and painlessly.

The new funding will allow ArrayPatch to accelerate the clinical development of ITZ-DerMap™, the first product from its proprietary DerMap™ platform, toward clinical proof-of-concept.

The DerMap™ patch is a pain-free microneedle system made entirely from the active drug, which penetrates the outer skin layer, dissolves, and delivers medication directly to the target site.

"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," said Dr. Waleed Faisal, Co-Founder and CEO of ArrayPatch.

"We are pleased to support ArrayPatch at this exciting early stage," said Sean Corkery, Director at Lakeside Capital. "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."

About ArrayPatch

ArrayPatch, a Cork, Ireland-based biotech, develops next-generation microneedle therapeutics. Its DerMap™ platform uses polymer-free dissolving microneedles for painless, targeted drug delivery. The lead program, ITZ-DerMap™, treats nail fungus, with additional applications in skin cancer, diabetes, weight loss, and migraine, supported by funding and industry recognition.