Manchester, 4 October 2017 – Phagenesis announced today that by completing a key clinical study in Europe it has reached the first milestone in its staged acquisition agreement with Nestlé Health Science (NHSc). Under the terms of the agreement, Nestlé Health Science has acquired an additional stake in Phagenesis.
Reinhard Krickl, CEO of Phagenesis, said: “We are very happy to have successfully closed a key clinical study demonstrating the clinical benefit of Phagenyx®* for the treatment of post-stroke dysphagia amongst tracheostomized patients. We are looking forward to having the study results published early 2018.”
Phagenesis is a medical device company that has developed a new treatment for dysphagia, the inability to swallow safely. Dysphagia is a condition with high prevalence as well as high clinical and health economic burden. It is a debilitating condition, which frequently leads to life-threatening complications, including aspiration pneumonia, malnutrition and dehydration. Furthermore, patients with dysphagia experience a dramatic reduction in Quality-of-Life1.
Oern Stuge, Chairman of Phagenesis, stated: “Nestlé Health Science’s increasing stake in Phagenesis will continue to foster a strong collaboration between Phagenesis and NHSc, allowing Phagenesis to accelerate its clinical programs demonstrating the benefit of Phagenyx® for this significant unmet medical need.”
Gunnar Weikert, Director of Phagenesis and Founder of Inventages Venture Capital commented: “As a long-term investor in Phagenesis we are pleased about this significant achievement and look forward to working more closely with NHSc.”
Currently, the management of neurogenic dysphagia is complex. Available options can improve the status and the symptoms, but few are treating the cause. Phagenesis has developed Phagenyx®, a novel medical device designed to restore the neurological control of swallowing. Phagenyx® is based on ground-breaking research that establishes a mechanism of action of delivering Pharyngeal Electrical Stimulation (PES) to treat the neurological cause of dysphagia.
_________ * Phagenyx® system is CE marked and is available for sale only in the European Economic Area and Switzerland.
Glossary of terms
Dysphagia [dis-fa´jah] = difficulty in swallowing, also known as aphagia.
Neurogenic dysphagia = neurological oropharyngeal dysphagia is a difficulty in swallowing, caused by several neurological conditions such as stroke.
1 Marik P et al. Aspiration Pneumonia and Dysphagia in the Elderly. Chest 2003.124;328-336.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Nestlé Health Science and Phagenesis management. Various known and unknown risks, uncertainties and other factors could lead to differences between the actual, future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Nestlé Health Science’ and Phagenesis’ public reports. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.