Phagenesis secures £6m investment
MANCHESTER University healthcare technology spin-out Phagenesis has secured £6m venture capital funding.
Phagenesis, based on Manchester Science Park, has developed a device that helps people who have lost the ability to swallow.
The technology delivers electrical pulses to the throat that can help people suffering from dysphagia, a common condition that prevents or impairs the safe swallowing of food and drink. At least 50% of stroke victims are left with impaired swallowing.
Phagenesis has closed a £6m second funding round designed to accelerate the company’s development and the commercialisation of its product. It follows a funding round that raised £2m a year ago.
The investment is led by life science fund Inventages, with existing shareholders also participating.
Gunnar Weikert, founder of Inventages, said: “Phagenesis is addressing a critical unmet need in a very large market. Dysphagic patients are underserved by modern medicine and many face tube-feeding and a significant loss of quality of life for decades. Phagenesis is ideally-placed to meet this challenge.”
Ashok Dhanrajgir, senior partner at Inventages and incoming board director, added: “We are optimistic that Phagenesis will demonstrate further clinical evidence on efficacy and health economic benefits to society.”
Daniel Green, chief executive of Phagenesis, said: “Phagenesis has translated the research of our academic founder Professor Shaheen Hamdy into a medical device designed to alleviate the suffering of millions of patients around the world. We and Inventages share a vision of our technology and the way it can be deployed to benefit these patients, and we welcome them on board.”
The company was founded by chief operating officer Dr Conor Mulrooney and Professor Shaheen Hamdy in 2007. Prof Hamdy, the inventor of the technology, is Professor of Gastroenterology at Salford Royal Hospital NHS Trust and was previously Fellow at the Sobell Department of Neurophysiology, University College London.
