Manchester university medtech firm raises £1.2m to develop back pain treatment
November 15, 2018
Gelmetix’s gel can be delivered via a non-invasive procedure into the gaps left by degenerating discs to help restore functionality and relieve lower back pain
University of Manchester spin-out company Gelmetix has secured £1.2 funding to help develop its non-surgical treatment for chronic lower back pain.
The company has created a non-invasive injectable microgel as a cost-effective alternative to surgery.
The high-tech gel that can be delivered via a non-invasive procedure into the gaps left by degenerating discs to help restore functionality and relieve lower back pain.
Launched on the back of discoveries and developments made at the University of Manchester and led by spine surgeon Dr Philippe Jenny, the enterprise has raised £1.2 million on the equity crowdfunding website SyndicateRoom.
The funding round was led by angel investor Jonathan Milner, a biotech entrepreneur and founder of life science company Abcam.
Milner said: “Gelmetix is pursuing such a huge and poorly served market in chronic lower back pain.
“It is the single leading cause of disability worldwide and results in a significant financial burden on all ’developed’ economies.
“Currently no minimally invasive solution exists that re-establishes mobility on the continuum between early and late stages of the disease.
“This is where Gelmetix, with its differentiated technology and a fantastic team, aim to make an impact in human health.”
Dr Jenny, CEO of Gelmetix said: “We’re delighted with the successful outcome of this fund raise and by the endorsement received from more than a hundred of investors.
“We’re now going to use the funds for completing the readiness of the lower back pain product prior to its commercial launch and support the preclinical work of our two next gels.
“We have chosen to raise with SyndicateRoom because of their professionalism and track record of successful raises in relation with the quality of the network of private investors.”
SyndicateRoom co-founder Tom Britton said: “It’s incredible to think that with all of the advancements in technology and medicine over the last 100 years we’ve not found better ways of treating back pain which so many of us accept as the norm.
“Gelmetix solution offers hope that a less risky, less invasive solution is possible and we are delighted our investors and fund are able to play a part in their journey.”