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Phagenesis raises £33m for device treating effects of brain injury

Image credit: Triff / Shutterstock

Manchester-based Phagenesis has raised £33.1m in funding for its medical device providing treatment for a common effect of brain injuries.

Phagenesis has developed a neurostimulation system to treat swallowing dysfunction, a common effect of brain injuries.

The company’s product targets and restores the neurological components of swallowing coordination that can be disrupted due to brain injuries, including strokes.

Those with the condition – called dysphagia – struggle to eat, drink and manage their saliva. Dysphagia can also lead to life-threatening complications such as pneumonia.

Phagenesis CEO Reinhard Krickl said the new funding would allow the firm to “invest in exceptional international talent” as the company looks to scale its work beyond UK borders.

The Series D investment will also support the company’s R&D efforts, regulatory activities, clinical trials and the commercialisation of its research.

The round included investments from the British Patient Capital Future Fund, EQT Life Sciences, Sectoral, Northern Gritstone and Aphelion.

“Phagenesis has built a leading solution for patients suffering from dysphagia,” said Ian Connatty, managing director, direct and co-investment at British Patient Capital.

“Their technology has the ability to deliver great results for patients whilst also delivering healthcare savings. We are delighted to support them as they take the next steps in their growth journey”.

Last week, British Patient Capital participated in a £40.5m investment round for Southampton drug discovery startup Curve Therapeutics.