Microdermics, a spinout of UBC, has developed a microneedle that injects medication into the upper skin layer, avoiding blood vessels and nerve tissue.
Microdermics, a medical device spinout of British Columbia University (UBC), has closed a $1m funding round from investors including e@UBC Seed Fund, the institution’s early-stage investment fund.
K5 Ventures and Shoreline Ventures have also contributed to the funding round, which closed in March 2017 but was only disclosed this week.
Microdermics has developed a commercially scalable, low-cost, customisable, metal, hollow device that can be used to inject vaccines and drugs. The product addresses the shortcomings and current reliance on the generic hypodermic needle, invented over a century and a half ago.
The spinout’s device is made up of several microneedles that are less than 1 millimetre in length, meaning an injection is less painful and more cost-effective. The needles deliver medication into the upper skin layer, avoiding both blood vessels and nerve tissue.
The money will go towards recruitment and will support an investment in the company’s infrastructure to support clinical scale-up activities slated for this year.
Grant Campany, president and chief executive of Microdermics, said: “Over one billion people around the world suffer from needle phobia and avoid injections.
“This represents one of the most significant health-related market failures in the world today. On a global level, there is a staggering amount of people who shun critical therapies or vaccinations because of their fear of hypodermic needles.”
Todd Farrell, president of the e@UBC Seed Fund, said: “Microdermics’ innovative solution, experienced team, and great potential for positive health impact make it a great addition to the high calibre of new ventures that continue to bloom here at UBC.”
