Gelexir Healthcare, creator of a non-surgical procedure for the treatment of chronic lower back pain, has secured investments totalling £353,102. Investors in the Manchester University spin-out include Manchester University, the North West Fund for Biomedical managed by SPARK Impact (the fund allocates money from the European Regional Development Fund and the European Investment Bank), Central Manchester Foundation Trust and Business Angels.
Gelexir is based on discoveries and developments made at the university over the past 10 years by Tony Freemont, Head of the Medical School and Brian Saunders at the Manchester School of Materials. The company will use the investment to continue its programme of advanced clinical trials scheduled to take place towards the end of 2015.
Gelexir provides a cost-effective treatment for chronic lower back pain caused by degenerative disc disease. The process addresses the condition at an early stage and involves the injection of polymer microgels that restore the disc’s shock absorptive properties and replicate the biomechanical properties of a healthy intervertebral disc.
UMIP, Manchester University’s commercialisation agent, has provided intellectual property and business development expertise as well as early-stage proof-of-principle funding and seed corn funding from its Premier Fund. Translational funding has also been provided by the Engineering and Physical Sciences Research Council.
Philippe Jenny, CEO of Gelexir, said: “This funding is a great step forward as it provides the resources to transfer the discovery from the bench to the industrial world and pushes the technology through the demanding validation tests, heading towards the first patient.”
