Phagenesis, a Manchester, UK-based company which has developed a neurostimulation system to treat swallowing dysfunction, has closed a $42M Series D financing.
The round was led by EQT Life Sciences and Sectoral Asset Management with participation from with new investors British Patient Capital, Northern Gritstone and Aphelion.
The company intends to use the funds to expand operations and development efforts. With the recent approval of Phagenyx® by the FDA in the United States, the investment is primarily intended to support commercialization in the United States and deepen penetration in Europe. It will also support clinical trials, regulatory activities, as well as research and development of pipeline products.
Co-founded by Dr. Conor Mulrooney and Professor Shaheen Hamdy from the University of Manchester in 2007, and led by Reinhard Krickl, CEO, Phagenesis offers innovative treatments for neurogenic dysphagia using pharyngeal electrical stimulation, PES. The Phagenyx® Neurostimulation System targets and restores the neurological components of swallowing coordination and control that are disrupted due to brain injury (including stroke) or because of prolonged mechanical ventilation. Patients with swallowing dysfunction (dysphagia) are unable to safely or effectively eat, drink, or manage their own saliva. Dysphagia can often lead to life threatening complications such as pneumonia and is also associated with substantially higher healthcare costs.
Commenting on the news, Reinhard Krickl said: “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.”
FinSMEs
04/03/2024