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Gelexir becomes Co Angel Investment Service's first deal

22 June 2015

A University of Manchester spin-out which has developed a hydrogel to relieve back pain has received backing from the Co Angel Investment Service, marking the maiden deal for the angel investment scheme.

The service, which is funded by the Greater Manchester Combined Authority, has backed Gelexir Healthcare in raising £414,000.

Gelexir is looking to raise £950,000 in total so having reached first close at £414,000, it will now work with Business Finance Solutions and the Co Angel Investment Service to find funding to take it up to the full amount.

The Co Angel Investment Service, which launched in November 2014, helps businesses access equity investment from syndicates of angel investors, the Angel Co Fund and venture capitalists.

Gelexir has developed a hydrogel to relieve back pain by enabling cells in the spinal disc to get back to normal functioning, which can be injected into the disc by a healthcare professional and replaces the need for invasive back surgery.

Sir Howard Bernstein, chief executive of Manchester City Council, said: "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.

"We knew when we launched Co that Manchester held huge potential for a better, lower risk investment platform: the growing businesses like Gelexir are here, the angels are here and now we have the infrastructure to bring them together to release further potential in the region."

Hans von Celsing, executive director of Gelexir, added: "The team at Angel Cohave 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 fundraising process.

"The team have been brilliant in preparing us for investment, supporting angel investors with their due diligence scoping and execution and approaching institutional investors. We are looking forward to continuing our excellent working relationship with the Angel Co team to complete this current round of funding."