Archive for October, 2011

Phagenesis Closes €7 Million Series B Financing Round

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Pioneer in the treatment of acute and chronic dysphagia secures additional VC funding to accelerate commercialisation strategy

Manchester, UK. 4th October 2011 –University of Manchester spin-out company, Phagenesis Ltd, the global leader in the treatment of dysphagia (inability to swallow safely) today announced 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.”

About Phagenesis

Phagenesis is developing the first clinically proven treatment for dysphagia, a debilitating and often lethal condition in which the patient’s ability to swallow is damaged. Dysphagia can lead to the inhalation of solids or liquids followed by pneumonia. Sufferers may face being fed through a tube indefinitely, reduced life expectancy, and many are treated for depression. Phagenesis raised a £2 million Series A financing in 2010. For more information, please visit our website at www.phagenesis.com.

About Inventages

Inventages is one of the world’s largest life-sciences, nutrition and wellness focused venture capital funds, with the resources to provide continued support to growing companies. For more information, please visit www.inventages.com

UMI3 Director named Business Products and Services Entrepreneur of the Year

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UMI3 director Bryan Bodek has been named Ernst & Young Business Products and Services Entrepreneur of the Year 2011. Mr Bodek who is chief executive of Airline Services' serves on the UMI? board as Non Executive Director (Independent Director) Deputy Chairman.

His former roles have included being a former lawyer with Manchester legal firm Kuit solicitors and he is also the ex vice chairman of Manchester City Football Club.

Airline Services has tripled size in the last six years and now operates from eleven UK airports. Its most recent accounts show turnover growth of 26% to £40.9m and profit growth of 82% to £3.6m.

Mr Bodek said he was 'overwhelmed' to take the national award for Business Products and Services. He said:
"I'm surprised and delighted and I'm still scratching my head as to how I'm here.

Not such a long time ago I was sitting behind my desk as a corporate lawyer in Manchester, but I had a vision and an opportunity, and I'm now leading a business serving 226 airlines around the world.

l am lucky, I have a great team around me, we have a good order book. The growth of Airline Services has been a team effort."

Elaine O’Donnell, partner at Ernst & Young in the North West and regional leader for the Entrepreneur of the Year programme, said: “I’m absolutely delighted that Bryan and the other winners have been recognised for their great innovation, integrity and clear vision.”

Guest speaker was Business Secretary Vince Cable, who said the Government was doing all it could – against a backdrop of "a very dangerous and difficult period" – to support business growth and entrepreneurialism.

www.umi3.co.uk

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