Phagenesis, the Manchester-based MedTech specialising in the treatment of swallowing disorders, has announced the close of a $42 million Series D financing round.

The company, co-founded by Dr Conor Mulrooney and professor Shaheen Hamdy from the University of Manchester in 2007, uses its Phagenyx neurostimulation system to target and restore the neurological components of swallowing coordination and control that are disrupted due to brain injury, including stroke, or because of prolonged mechanical ventilation.

Known as dysphagia, patients with the swallowing dysfunction are unable to safely or effectively eat, drink, or manage their own saliva.

The funding round 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, with Phagenesis stating the “substantial investment” reflected its investors’ recognition of the transformative potential of its Phagenyx system.

“We will invest in exceptional talent to scale up our customer outreach and to support passionate clinicians who want to bring our therapy to those who need it,” said Phagenesis chief executive Reinhard Krickl. “Our novel and proven therapy can help the millions of patients every year who suffer from swallowing disorders.”

As part of fundraise, Drew Burdon, partner at EQT Life Sciences and Michael Sjöström, co-founder and partner at Sectoral, will join Phagenesis’ board of directors.

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