News Release 3 – 4 October 2011
Phagenesis® closes €7 million series B financing round. Pioneer in the treatment of acute and chronic dysphagia secures additional VC funding to accelerate commercialisation strategy .
Manchester, October 4th 2011 – Phagenesis Ltd, the global leader in the treatment of dysphagia (inability to swallow safely) announced today that it has closed a €7 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.”