Back pain specialist Gelexir Healthcare receives £414,000
Funding from Co Angel Investment Service will develop hydrogrel that allows cells in the back to return to "normal functioning"
Gelexir Healthcare, a specialist in the treatment of chronic lower back pain, has closed £414,000 from the North West-based Co Angel Investment service to develop its non-surgical procedure.
A spin-out of the University of Manchester, Gelexir has developed a hydrogel that relieves the cause of back pain by allowing cells in the disc to return to “normal” functioning.
The gel is injected into the disc and claims it can save the NHS and global healthcare systems significant expenditure.
Led by spine surgeon Philippe Jenny, the company has previously received funding from The North West Fund for Biomedical and the Central Manchester Foundation Trust, as well as a number of overseas and local angel investors
Hans von Celsing, executive director of Gelexir, said: “The team at Co have been instrumental as part of the process to date in giving strong and impartial advice, providing us links to potential investors, and generally supporting us in the fund raising process.
Sir Howard Bernstein, chief executive of Manchester City Council, commented: “Manchester is committed to its strategic and operational support for business growth and Co Angel Investment are just one of the services we have supported which is making a difference.”