ArrayPatch Ltd, a biotech company developing microneedle-based therapeutics, has completed the first close of its €3 million seed funding round to advance ITZ-DerMap™, its lead treatment candidate for onychomycosis, commonly known as nail fungus.
The company has secured €1.6 million in equity financing, led by Lakeside Capital Ltd, with participation from Enterprise Ireland, The Boole Investment Syndicate, and DeepIE Ventures. As part of the round, Sean Corkery, Director at Lakeside Capital, will join the ArrayPatch Board of Directors.
In addition, €0.3 million from previously issued convertible loan notes, including accrued interest, has been converted into equity following the first close.
Accelerating development of a novel microneedle therapy
The newly raised capital will be used to advance ITZ-DerMap™ into clinical development and move the program toward clinical proof-of-concept.
ArrayPatch is led by CEO and co-founder Dr. Waleed Faisal and focuses on developing polymer-free, dissolving microneedle therapeutics. Its proprietary DerMap™ platform delivers medication directly to target tissues in a pain-free and efficient manner.
The ITZ-DerMap™ patch is made entirely from the active drug. Once applied, the microneedles penetrate the outer layer of the nail and surrounding tissue, dissolve, and deliver the treatment directly to the infection site, overcoming one of the key challenges in treating nail fungus.
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Addressing a large and underserved market
Onychomycosis affects millions of patients worldwide and is notoriously difficult to treat due to poor drug penetration and long treatment durations. ArrayPatch aims to offer a more effective and patient-friendly alternative to existing topical and oral therapies.
“With this first close of our seed round secured, we are well positioned to advance ITZ-DerMap™ into clinical development and bring a potentially transformational treatment to patients suffering from nail fungus,” said Dr. Waleed Faisal.
Sean Corkery of Lakeside Capital added that the company’s approach to targeted drug delivery creates a strong foundation for both clinical impact and commercial scale across large global therapeutic markets.
Platform potential beyond nail fungus
While ITZ-DerMap™ is the company’s first product, the DerMap™ platform is designed for broader applications. ArrayPatch sees future use cases across dermatology and systemic conditions, including skin cancer, diabetes, weight management, and migraine treatment.
About ArrayPatch
ArrayPatch is a Cork-based biotechnology company developing next-generation microneedle therapeutics. Its DerMap™ platform uses polymer-free, dissolving microneedles for painless, targeted drug delivery. The company’s lead program, ITZ-DerMap™, targets nail fungus, with additional pipeline opportunities across dermatology and chronic disease areas.
