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EQT, Sectoral Spearhead $42M Medtech Phagenesis Investment

Phagenesis, a groundbreaking medtech firm, recently concluded a game-changing $42 million Series D funding round
March 5, 2024

Phagenesis, the medtech pioneer behind a groundbreaking neurostimulation system designed to revolutionize the treatment of swallowing dysfunction. In a significant milestone, Phagenesis has successfully closed a $42 million Series D financing round, fueling its mission to transform patient care.

The Phagenyx® neurostimulation system targets the neurological aspects of swallowing coordination and control, addressing challenges arising from brain injury (including stroke) or prolonged mechanical ventilation. For patients with swallowing dysfunction (dysphagia), everyday tasks like eating, drinking, or managing saliva become hazardous, leading to severe complications such as pneumonia and increased healthcare costs.

With the recent FDA approval of Phagenyx® in the United States, the investment aims to drive commercialization efforts in the U.S. market and strengthen penetration across Europe. Additionally, the funds will support vital clinical trials, regulatory initiatives, and the ongoing research and development of pipeline products.

Led by EQT Life Sciences and co-led by Sectoral, the investment syndicate includes notable participation from British Patient Capital, Northern Gritstone, and Aphelion. Reinhard Krickl, CEO of Phagenesis, expressed enthusiasm for the investment, emphasizing its potential to expand access to their therapy and positively impact millions of patients worldwide.

Drew Burdon from EQT Life Sciences highlighted the significant clinical benefits of the Phagenyx System, including reduced hospital stays and healthcare costs, aligning with EQT's strategy of advancing innovative healthcare solutions. Michael Sjöström from Sectoral Asset Management emphasized Phagenyx's potential to reshape care paradigms and improve patient outcomes, particularly in the United States.

Backed by compelling clinical evidence demonstrating faster patient recovery and reduced hospital stays, Phagenesis is poised for further growth and impact. As part of the investment, key figures from EQT Life Sciences and Sectoral Asset Management will join Phagenesis’ Board of Directors, contributing to its strategic vision and growth trajectory.

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