A University of Manchester spin-out which has developed a hydrogel to relieve back pain has received funding from The North West Fund for Biomedical (NWF4B) managed by SPARK Impact in the first deal by The Co Angel Investment service.
Manchester-based The Co Angel Investment service, has completed its first deal by supporting Gelexir Healthcare with their first close of £414k of its current £950k funding round.
The North West Fund for Biomedical, managed by SPARK Impact invested £250,000 into Gelexir which is led by spine surgeon and veteran ex-medical device corporate executive, Philippe Jenny.
The Central Manchester Foundation Trust and a number of overseas and local angel investors also invested in the company.
The funding is needed to take the business through a pivotal pre-clinical study and into first “in man” studies.