Phagenesis Appoints Chad Hoskins as Chief Executive Officer Following Recent Close of $42M Series D Financing
- Accomplished leader brings strong track record of commercial expansion in the US
- Company is focused on accelerating uptake of Phagenyx® to treat more patients in the US and Europe
- Phagenyx® is a first-of-its-kind therapy using neurostimulation to restore swallowing control in patients with severe swallowing difficulties (dysphagia)
MANCHESTER, England, Sept. 5, 2024 /PRNewswire/ -- Phagenesis, a pioneering company that has developed a first-of-its-kind neurostimulation system to treat swallowing dysfunction, today announced the appointment of Chad Hoskins as Chief Executive Officer (CEO). The seasoned executive brings decades of experience in scaling innovative MedTech therapies, driving commercial growth in the US and delivering on strategic objectives.
"We are extremely excited to have Chad join the company at this critical phase of growth as we build on our success in Europe and expand the use of Phagenyx® in the US," said Oern Stuge, MD, Chairman of the Board of Directors, Phagenesis. "His relentless focus on improving patient care and deep experience in commercializing novel technologies will bolster the company's efforts to bring our life-changing therapy to more patients in the US, Europe, and beyond."
The company previously announced it closed $42M in Series D financing, led by EQT Life Sciences and Sectoral Asset Management, with new investors British Patient Capital, Northern Gritstone and Aphelion. The funding is primarily intended to bolster commercialization efforts for Phagenyx® in the US and Europe. Phagenyx® is the first and only pharyngeal electrical stimulation (PES) therapy that directly treats neurogenic dysphagia (difficulty swallowing), which is most often caused by stroke. Each year, approximately 12.2 million people worldwide will have a stroke1 and more than 50% will suffer from dysphagia,2 leading to a reduced quality of life, malnutrition, increased risk of death, longer hospital stays and higher healthcare costs.
Mr. Hoskins brings more than two decades of experience launching innovative medical technologies. Most recently, he served as CEO of Axon Therapies, developing a novel denervation technology to treat heart failure. Prior to Axon, he led Commercial Strategy for Outset Medical, where he developed the company's initial commercialization plan and supported several rounds of fundraising, including a successful IPO. Before Outset, Mr. Hoskins was Divisional Vice President of Heart Failure Therapies at Abbott, as well as a consultant with McKinsey & Company. He holds a Bachelor of Arts in economics from Georgetown University, a Master of Public Health from Columbia University and a Master of Business Administration from The Wharton School of Business at the University of Pennsylvania.
"Loss of swallowing function after a stroke can be physically and emotionally devastating for patients and costly for providers to manage. Phagenyx's non-surgical, implant-free approach to restoring swallowing function significantly improves patient quality of life and reduces the cost and complexity of care for providers," said Mr. Hoskins. "I am thrilled and honored to build on the early success of the company as we enter this next phase of global growth and expand our partnership with clinicians who have so few options to improve the clinical outcomes and quality of life for their patients with dysphagia."
ABOUT DYSPHAGIA
Dysphagia is the difficulty or inability to swallow and can result from numerous etiologies including damage to the central nervous system and/or cranial nerves (stroke, traumatic brain injury) and may also occur following critical care interventions (intubation, tracheostomy). Dysphagia arising from the disruption of neurological systems or processes involved in executing a coordinated safe swallow, is called neurogenic dysphagia. Dysphagia is associated with numerous complications including aspiration and aspiration-induced pneumonia, reintubation, malnutrition, dehydration and a modified diet or reliance on tube feedings. Dysphagia increases the risk of death by 8.5-fold at 3 months3 and adds an estimated $20 billion to the cost of patient care each year for stroke patients alone4.
ABOUT PHAGENESIS
Founded in 2007, Phagenesis® Ltd, is a private MedTech company co-founded by Dr. Conor Mulrooney and Professor Shaheen Hamdy from the University of Manchester. Phagenesis offers innovative treatments for neurogenic dysphagia using pharyngeal electrical stimulation (PES). The company is backed by EQT Life Sciences, Sectoral Asset Management, British Patient Capital, Northern Gritstone and Aphelion. The Phagenyx® Neurostimulation System is commercially available in Europe and the US. For additional information, visit www.phagenesis.com.
References:
- World Stroke Organization. Impact of Stroke. 2024
- Martino R, Foley N, et al. Dysphagia after stroke: incidence, diagnosis, and pulmonary complications. Stroke. 2005;36(12):2756-2763
- Arnold M., Liesirova K., et al. Dysphagia in Acute Stroke: Incidence, Burden and Impact on Clinical Outcome. PLoS ONE 2016; 11(2): e0148424.
- Qureshi AI, Suri MFK, et al. Annual Direct Cost of Dysphagia Associated with Acute Ischemic Stroke in the United States. J Stroke Cerebrovasc Dis. 2022;31(5):106407
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SOURCE Phagenesis, Ltd.
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