Phagenesis, a medical device company specializing in the treatment of swallowing disorders, successfully closes a $42M Series D financing round led by EQT Life Sciences and Sectoral Asset Management.
Summary
The combined European and United States investment syndicate was led by EQT Life Sciences, and co-led by Sectoral, with new investors British Patient Capital, Northern Gritstone and Aphelion also joining the round. This substantial investment reflects their recognition of the transformative potential of Phagenesis cutting-edge therapy, Phagenyx\xae.The Phagenyx\xae 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. It will also support clinical trials, regulatory activities, as well as research and development of pipeline products.This investment from a highly experienced international investor syndicate will accelerate access to and adoption of our therapy, said Reinhard Krickl, CEO of Phagenesis. Our investment will support the Phagenesis team to make Phagenyx more broadly available, specifically in the United States.Randomized controlled trials have demonstrated clinically significant improvements, which support faster recovery of patients and reduced length of hospital stay.As part of this transaction, Drew Burdon, Michael Sj\xf6str\xf6m and Mark Wyatt will join the Phagenesis Board of Directors.Phagenesis has just showcased its product and the latest US data at ISC (International Stroke Conference) from Feb. 7-9 in Phoenix, Arizona.Phagenesis\xae Ltd, is a private MedTech company co-founded by Dr. Conor Mulrooney and Professor Shaheen Hamdy from the University of Manchester in 2007. More on www.sectoral.comNorthern Gritstone is a ground-breaking investment company dedicated to supporting science and technology-enabled businesses in the North of England, including spinouts from its founding university partners.Launched in July 2021 by the Universities of Leeds, Manchester and Sheffield, its philosophy is Profit with Purpose, combining strong returns for investors with wider positive, societal and economic impact, including supporting Levelling Up and high-skilled job creation in the North of England.Chaired by Lord Jim ONeill, the company announced the final close of its initial fundraising at \xa3312 million in October 2023.