We've advised on an over-subscribed seed extension investment round for Microneedle Solutions (MNS), which will enable the company to advance its Miracus™ needle-free patch platform into first-in-human trials.
Our team acted as legal advisers to Leeds-headquartered early stage medical technology business, MNS. MNS has developed needle-free drug delivery platforms designed to enable painless, self-administered and scalable delivery of medicines.
The company’s proprietary Miracus technology enables home drug and vaccine delivery, reduces healthcare system costs and improves global access to medicines by eliminating the need for cold chain storage and keeping costs less than that of traditional needle delivery. The company’s range of patch-based delivery solutions support potential applications across vaccines, therapeutics and consumer health.
The financing round attracted a diverse group of notable institutional and angel investors, including Pioneer Group, SFC Capital, Cambridge Angels, Southern Angel Investor Club, and Sheffield Angels, with strong follow-on support from existing shareholders.
The proceeds will be used to progress MNS’s lead asset, powered by its proprietary Miracus™ technology, into first-in-human clinical trials in collaboration with the NHS this year.
This milestone marks a significant step forward in the company’s journey towards clinical validation and commercialisation of the Miracus needle-free delivery platform.
Commenting on the announcement, Henry Dunne, CEO of MNS, said:
“This funding is a testament to the hard work the team has put in over the last couple of years building and validating the Miracus platform, a pain-free patch delivery system that costs less than traditional needles and eliminates the need for cold chain storage. It’s a remarkable vote of confidence to have attracted the breadth and depth of investors joining us in our mission to provide patients, clinicians and industry with better options for drug delivery that improve global access to medicines. This funding will support the preparation and delivery of our key first-in-human trial this year.”
“Mills & Reeve brought sector experience and deep expertise in helping early-stage businesses like ours to raise finance as we set the foundations for growth.”
Zickie Lim, partner at Mills & Reeve, added: ““MNS’ Miracus technology has the potential to transform needle-free drug delivery and build a world-class position in medtech, addressing long-standing challenges associated with traditional needle-based administration, such as patient acceptability, access, and logistics.”
“We look forward to seeing the business go from strength-to-strength as this funding starts to unlock the commercial opportunity and create a platform to scale. It’s brilliant to see this level of groundbreaking innovation emerging from Yorkshire and other UK regions.”
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