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/Cardeation Capital also joining the round. This substantial investment reflects their recognition of the transformative potential of Phagenesis' cutting-edge therapy, Phagenyx®.

The Phagenyx® 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. Patients with swallowing dysfunction (dysphagia) are unable to safely or effectively eat, drink, or manage their own saliva. Dysphagia can often lead to life threatening complications such as pneumonia and is also associated with substantially higher healthcare costs.

With the recent approval of Phagenyx® by the FDA in the United States, the investment is primarily intended to support commercialization in the United States and deepen penetration in Europe. It will also support clinical trials, regulatory activities, as well as research and development of pipeline products.

"This investment from a highly experienced international investor syndicate will accelerate access to and adoption of our therapy," said Reinhard Krickl, CEO of Phagenesis. "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. Our novel and proven therapy can help the millions of patients every year who suffer from swallowing disorders."

Drew Burdon, Partner at EQT Life Sciences, said: "Dysphagia is a severe medical condition that affects countless patients in hospital. It can increase hospital length of stay, the risk of complications, and lengthens recovery time. The Phagenyx System demonstrates significant reductions in hospital length of stay, with a corresponding and substantial reduction in healthcare costs, as evidenced by the Company's strong portfolio of high-quality clinical studies. This is strongly aligned with EQT's Health Economics strategy of transforming cutting-edge scientific innovation into impactful and cost-effective healthcare solutions. We're excited to support the next phase of Phagenesis' journey."

Michael Sjöström , 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. That's why Phagenyx is an amazing innovation with the potential to change care paradigms. It allows treatment of dysphagia very early in the care pathway, which prevents later complications. Our investment will support the Phagenesis team to make Phagenyx more broadly available, specifically in the United States."

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 Sjöström 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® Ltd, is a private MedTech company co-founded by Dr. Conor Mulrooney and Professor Shaheen Hamdy from the University of Manchester in 2007. Phagenesis offers innovative treatments for neurogenic dysphagia using pharyngeal electrical stimulation, PES. The Phagenyx® Neurostimulation System is the result of years of rigorous scientific research, initiated by Professor Hamdy, and has been featured in numerous clinical publications. For additional information, visit


EQT Life Sciences was formed in 2022 following the integration of LSP, a leading European life sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs entrepreneurs who have ideas that could truly make a difference for patients. The team combines deep sector knowledge, analytical skills, and investment experience to provide the added value that entrepreneurs seek. For more information, go to


Founded in 2000, Sectoral Asset Management is one of industry-leading specialists, focused exclusively on managing global healthcare portfolios. We are fully employee-owned, with offices in Montreal, Geneva, and Hong Kong. Our clients include sovereign wealth funds, private banks, and family offices. In addition, we have long-standing sub-advisory relationships with institutional investors in Europe and Asia. More on

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