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Medtech spin-out raises £1.2m for growth plans

A spin-out company from the University of Manchester has raised £1.2m in funding as part of its growth strategy.

Medtech start-up Gelmetix was founded from a research programme at the university.

Led by spine surgeon Dr Philippe Jenny, the company has previously received investment from The North West Fund for Biomedical as well as grant funding from Innovate UK, the Government's innovation agency.

The latest investment was through the equity crowdfunding website SyndicateRoom, as part of a larger Series B round.

Latest figures claim that 4.1 million working days are lost in the UK each year due to back pain, accounting for 7% of all GP visits.

Gelmetix has developed a high-tech gel that can be simply delivered via a non-invasive procedure into the gaps left by degenerating discs to help restore functionality and relieve lower back pain.

The company has offices in Manchester, London and Paris.

Dr Philippe Jenny, Gelmetix chief executive, said: "We're delighted with the successful outcome of this fund raise and by the 'endorsement' received from more than a hundred 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 pre-clinical work of our two next gels."

Financed by the European Regional Development Fund and the European Investment Bank, The North West Fund is now fully invested.

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