Manchester-based life sciences company Phagenesis has closed a 7 million Euro (US$9.23 million) second round of funding to accelerate its commercialisation strategy. Phagenesis Ltd, is a specialist in the treatment of dysphagia (the inability to swallow safely). The investment is led by Inventages, a life science fund specialised in treatment solutions for chronic diseases. Existing shareholders also participated in the round. Phagenesis raised a 2 million pounds (US$ 3 million) Series A financing in 2010.
Phagenesis Ltd, the global leader in the treatment of dysphagia (inability to swallow safely) today announced that it has closed a 7 million Euro (US$9.23 million) Series B funding round designed to accelerate the company’s development plans.
The investment is led by Inventages, one of the world’s largest life science funds specialised in treatment solutions for chronic diseases. Existing shareholders also participated in the round.
The Phagenesis device delivers a precisely sequenced and calibrated electrical signal to the pharynx of the dysphagic patient. Peer-reviewed clinical trials have shown that this treatment is safe and effective in improving the patients’ safe swallowing ability.
Gunnar Weikert, Founder of Inventages, said, “Phagenesis is addressing a critical unmet need in a very large market. Dysphagic patients are underserved by modern medicine and many face tube-feeding and a significant loss of quality of life for decades. Phagenesis is ideally-placed to meet this challenge.”
Ashok Dhanrajgir, Senior Partner at Inventages and incoming Board Director added, “We are optimistic that Phagenesis will demonstrate further clinical evidence on efficacy and health economic benefits to society.”
Daniel Green, CEO of Phagenesis, said, “Phagenesis has translated the research of our academic founder Professor Shaheen Hamdy into a medical device designed to alleviate the suffering of millions of patients around the world. We and Inventages share a vision of our technology and the way it can be deployed to benefit these patients, and we welcome them on board.”
Phagenesis is developing the first clinically proven treatment for dysphagia, a debilitating and often lethal condition in which the patient’s ability to swallow is damaged. Dysphagia can lead to the inhalation of solids or liquids followed by pneumonia. Sufferers may face being fed through a tube indefinitely, reduced life expectancy, and many are treated for depression. Phagenesis raised a 2 million pounds (US$ 3 million) Series A financing in 2010.
Inventages is one of the world’s largest life-sciences, nutrition and wellness focused venture capital funds, with the resources to provide continued support to growing companies.