Acrux was founded in 1998 based on patented technology licensed from the Victorian College of Pharmacy at Monash University. Acrux has raised capital in the private equity market in Australia in August 1999, April 2001, and June 2002, and is using this capital to accelerate the development of the MDTS platform. Acrux set up an investee company Cosmeceutic Solutions in 2002, to develop novel skin care products for the global cosmetic market. Acrux is a public unlisted company. Acrux's group companies are engaged in the development of proprietary transdermal products. The company's patented technology can deliver new therapeutic agents in ways that maximise their utility, efficacy, acceptability and tolerability. Acrux plans to develop MDTS products jointly, in cooperative arrangements, as well as for its own account. Acrux' product pipeline is funded by private and government investment, and collaborations with the pharmaceutical industry.