The funding from crowdfunding platform SyndicateRoom is part of a wider series B round for Manchester gel therapy developer Gelmetix and adds to approximately $1.3m raised in 2014 and 2015.
Gelmetix, a UK-based developer of gel therapies for bone disorders spun out from University of Manchester, has obtained £1.2m ($1.5m) in series B funding from equity crowdfunding platform SyndicateRoom, according to TheBusinessDesk.
The capital is part of a wider series B round of undisclosed size that is being led by private investor Jonathan Milner.
Founded in 2012 as Gelexir Healthcare, Gelmetix creates polymer gels that offer an alternative remedy for bone conditions currently treated by invasive surgical procedures.
The company’s lead product is a microgel for chronic lower back pain that is injected into the core of the vertebra, and it is also working on two other gels targeting small joint and knee osteoarthritis.
The cash will help Gelmetix complete preparations for the commercial launch of its lower back product and support preclinical development of other gels. Its founding research originated from Tony Freemont, a professor of osteoarticular pathology at Manchester’s School of Biological Sciences, and Brian Saunders, professor of polymer and colloid chemistry at the university’s School of Materials.
University of Manchester backed a $600,000 round for Gelmetix in 2014, investing with public healthcare provider Central Manchester University Hospitals NHS Foundation Trust (CMFT), the EU-backed NorthWest Fund for Biomedical (NWF4B), Business Angels and Spark Impact, which manages NWF4B.
Gelmetix subsequently secured $660,000 in the first close of a targeted $1.5m round the following year from the municipal authority-backed Co Angel Investment Service. CMFT is now known as Manchester University NHS Foundation Trust.