Medical device company Phagenesis, a Manchester University spin-out specialising in swallowing disorders, has secured funding worth £33.1m.
A syndicate co-led by EQT Life Sciences and Sectoral, along with new investors British Patient Capital, Northern Gritstone and Aphelion led the Series D round.
The investment will support commercialisation of the company’s Phagenyx treatment in the US and deepen penetration in Europe. It will also support clinical trials, regulatory activities, as well as research and development of pipeline products.
Swallowing disorders are a common effect of brain injuries, including strokes. The condition, called dysphagia, makes it difficult to eat, drink and manage saliva. Dysphagia can also lead to life-threatening complications such as pneumonia.
Phagenesis CEO, Reinhard Krickl, said: “This investment from a highly experienced international investor syndicate will accelerate access to and adoption of our therapy.
“We will invest in exceptional talent to scale up our customer outreach and to support passionate clinicians who want to bring our therapy to those who need it. Our novel and proven therapy can help the millions of patients every year who suffer from swallowing disorders.”
As part of the deal Drew Burdon (EQT Life Sciences) and Michael Sjöström (Sectoral) will join the Phagenesis board of directors. Manchester Science Park-based Phagenesis was founded by Dr Conor Mulrooney and Prof Shaheen Hamdy in 2007.
