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.