Medherant

What Medherant does

Medherant is a University of Warwick spin-out pharmaceutical company founded in 2015 and headquartered in Coventry, United Kingdom. It is developing a single core product: a transdermal patch designed to deliver testosterone through the skin to post-menopausal women experiencing low libido associated with menopause symptoms. The company's proprietary patch technology addresses an unmet need in menopause-related female sexual dysfunction by providing consistent dosing via the skin while avoiding first-pass liver metabolism associated with oral medications. The product has completed Phase 1 clinical trials, with positive results demonstrating effective testosterone delivery announced in November 2025, and further clinical trials are planned for later in 2025 as the company advances toward regulatory registration.

The business operates as a clinical-stage pharmaceutical developer. It is currently pre-revenue, with future revenue expected to come from pharmaceutical product sales upon regulatory approval, distributed through traditional pharmacy and healthcare provider channels. The go-to-market model is sales-led, targeting post-menopausal women as a single primary patient segment. Pricing has not been publicly disclosed because the product has not yet reached market. Medherant is venture-backed, with Mercia Asset Management serving as the lead investor across multiple funding rounds since 2016, and has also received non-dilutive grant support from Innovate UK.

Leadership is led by CEO John Burt, alongside founder Nigel Davis (also serving as Chief Business Officer) and CSO David Haddleton, who anchors the scientific direction rooted in the company's University of Warwick research origins. The company employs between 11 and 50 staff and maintains its core research and operational base in Coventry. Strategic activity to date has centered on capital raises and clinical milestone progression rather than commercial expansion, with the £2.9 million round led by Mercia in April 2023 and the November 2025 Phase 1 readout representing the most significant recent developments.

Name

Medherant

Legal name

Medherant

Website

https://medherant.co.uk

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Medherant is a University of Warwick spin-out pharmaceutical company developing a transdermal testosterone patch for post-menopausal women experiencing low libido from menopause. It is a pre-revenue, clinical-stage company advancing through Phase 1 trials toward regulatory registration.

Ownership category

akta.pro rank

Headquarters

HQ city

Coventry

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations

Revenue model

1. Pharmaceutical Product Sales: Medherant is a clinical-stage pharmaceutical company developing a testosterone transdermal patch. Revenue will be generated through the sale of its pharmaceutical product once regulatory approval is obtained. The company is currently pre-revenue, focused on completing clinical development and registration.

Go-to-market motion1 record

Core offering

Medherant is developing a testosterone transdermal patch intended for post-menopausal women experiencing low libido associated with menopause symptoms. The patch is a single, clinical-stage pharmaceutical product designed to deliver testosterone consistently through the skin, avoiding first-pass liver metabolism associated with oral therapies. Phase 1 clinical trials have demonstrated effective testosterone delivery, and the company is advancing the asset toward regulatory registration.

Product overview

Medherant is a University of Warwick spin-out company developing a single pharmaceutical product - a testosterone transdermal patch for post-menopausal women. The patch aims to address the treatment gap for menopause symptoms, specifically female sexual dysfunction (low libido). The company is advancing the product through clinical development towards registration.

Differentiator

Problem solved

Functional benefit

Products and services

• Testosterone Transdermal Patch

Quantifiable outcome

• Phase 1 clinical trial demonstrated effective delivery of testosterone for post-menopausal women

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• University of WarwickcoreOthersMedherant is a University of Warwick spin-out company, indicating the origin of its technology and research foundation. The company emerged from academic research at the university and maintains its connection as a spin-off entity.

Scale indicators2 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Acerus Pharmaceuticals: Acerus is a Canadian specialty pharmaceutical company focused on testosterone replacement therapies, including transdermal gel formulations (e.g., Natesto). It directly competes with Medherant in the testosterone delivery space and targets overlapping prescribers, although its approved products are currently positioned for male hypogonadism rather than female indications.
• Antares Pharma: Antares Pharma (acquired by Halozyme) is a specialty drug delivery company known for transdermal and subcutaneous delivery technologies, including testosterone gels. Its proprietary platforms and experience developing and commercializing testosterone products make it one of the closest comparables to Medherant's transdermal patch approach.
• TherapeuticsMD: TherapeuticsMD is a women's health-focused pharmaceutical company that developed and commercialized hormone therapies, including Bijuva and Imvexxy, addressing menopause-related indications. Its focus on differentiated hormone products for women, prescriber channel overlap (OB/GYNs), and similar stage/growth profile make it a strong peer for Medherant's target market.
• Noven Pharmaceuticals: Noven (a subsidiary of Hisamitsu) is a transdermal drug delivery specialist that has developed multiple patch-based products, including hormone patches. Its deep expertise in patch formulation, regulatory pathways for transdermal hormones, and established manufacturing capabilities make it a strong technology-overlap peer for Medherant.

Broad incumbents

• Bayer (Women's Health / Intrinsa): Bayer previously developed and marketed Intrinsa, the only approved female-specific testosterone patch, before withdrawing it from the EU market. Bayer's prior experience with the exact product concept Medherant is pursuing makes it the most relevant large-pharma precedent, even though Bayer exited the indication.
• AbbVie (AndroGel): AbbVie markets AndroGel, the leading testosterone gel, primarily for male hypogonadism. While the patient population differs, AndroGel represents the dominant competing testosterone replacement therapy and defines the prescriber and payer landscape that any female testosterone product, including Medherant's, must navigate.
• Ferring Pharmaceuticals: Ferring is a global specialty pharmaceutical company with a significant women's health and reproductive medicine portfolio, including hormone therapies and fertility treatments. Its commercial presence in OB/GYN channels and experience with hormone-based women's health products make it a relevant broad peer and a potential future partner or acquirer.
• Endo International: Endo has commercialized multiple testosterone replacement products, including Aveed (injectable) and Fortesta (gel). Although focused on male hypogonadism, Endo's experience in lifecycle management of testosterone assets and its established endocrinology salesforce are relevant comparables for Medherant's commercialization pathway.

Emerging players

• Mithra Pharmaceuticals: Mithra is a Belgian women's health pharmaceutical company that developed and commercialized hormone-based products, including the Estelle contraceptive patch. Its similar European roots, focus on women's health, and experience developing patch-based hormone products make it a particularly relevant peer for Medherant's stage and geography.

Others

• Empower Pharmacy / Bioidentical Hormone Compounding Pharmacies: U.S. compounding pharmacies, including Empower, have built a meaningful business supplying custom-compounded testosterone formulations to women for menopausal symptoms. They represent the current 'incumbent' workaround that a regulated, approved patch from Medherant would compete against and potentially displace.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/medherant
• LinkedInlinkedin.com/company/medherant-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Medherant