Microdermics Inc., a hollow microneedle technology company, has closed a $1 million oversubscribed seed financing with K5 Ventures, Shoreline Ventures and investors from the US, Canada, and Switzerland. The financing closed in March 2017 with first tranche from e@UBC Seed Fund closed in December 2016.
New funds will be used for scale-up and clinical validation studies in support of current and future corporate collaborations.
Vancouver based Microdermics is developing a microneedle that is only one-tenth as wide as a syringe needle and practically painless. Using microfluidics and optics, the new device is designed to monitor levels of the antibiotic vancomycin without drawing blood. Microdermics also designs, tests, and produces customized microneedles for the delivery of vaccines and therapeutics that will eliminate the reliance on traditional hypodermic needles.
Microdermics currently is part of the first cohort at HATCH, UBC’s on-campus incubator for tech ventures advancing to the stage of launching their businesses.
photo credit: Microdermics
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