£2.1m injection for Caretek

Needle-free drug delivery firm Caretek Medical has completed a £2.1 million fundraising, winning support from a variety of backers including the Oxford Technology 4 VCT and members of the Oxford Investment Opportunities Network.

Caretek – which completed the oversubscribed placing in just four weeks – has developed a patented device, ImplaJect that uses a spring mechanism to deliver drugs through the skin in solid form. The company says its technology is already being ‘investigated by pharmaceutical partners,’ and the cash raised in this round of financing will be used develop the product through the latest round of clinical trials.

‘The company has demonstrated that its technology has significant advantages over conventional needle and syringe drug delivery methods,’ says OION manager Dr Jon Cox, ‘and we are pleased to play a part in helping them raise the funds they need to assist with commercialisation.’

Caretek previously raised £550,000 from both organisations back in February 2005.

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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