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 - PR Newswire APAC
Summary
MANCHESTER, England, March 4, 2024 /PRNewswire/ -- Phagenesis, a pioneering UK company which has developed a revolutionary neurostimulation system to treat swallowing dysfunction, has closed a $42M Series D financing all equity investment round. 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. "Michael Sj\xf6str\xf6m , Co-Founder and Partner at Sectoral Asset Management, added, "Dysphagia associated complications are known to substantially increase mortality, but there is still a lack of adequate treatment modalities. "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.