Gelexir raises £414k in the first investment from Co Angel to advance its back pain hydrogel.
The funding round was backed by Co Angel, The North West Fund for Biomedical, and the Central Manchester Foundation Trust.
Gelexir is a University of Manchester spinout that has developed an injectable hydrogel designed to relieve back pain and potentially replace invasive spinal surgery.
Gelexir has secured £414k in funding as the inaugural investment from the Co Angel Investment service, which is backed by the Greater Manchester Combined Authority.
The University of Manchester spinout has created an injectable hydrogel intended to restore normal disc cell function and alleviate back pain, offering an alternative to invasive surgery that could reduce costs for healthcare systems.
Additional backers in the round include The North West Fund for Biomedical, managed by SPARK Impact with a £250k contribution, alongside the Central Manchester Foundation Trust and various angel investors.
From the founder
"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."
Hans von Celsing
Executive director at Gelexir