The Phoenix Project completed a successful closed round of convertible note issuance for the development of an innovative hand-forearm orthosis product.
Nearly one third of patients who have suffered a stroke, experience convulsive forearm paralysis, which either completely or severely prohibited their ability from using or moving their hand. The Phoenix Project aims to develop, and introduce to the market, a product for hand-forearm orthosis to rehabilitate the patients’ ability to use their fingers and to reintegrate them into every day life.
A local university, an institution and many independent investors have pledged to finance the start up costs of the project; if the initial stage proves to be successful, they have committed to funding the later stages of the project as well.
Concorde MB Partners served as the transaction advisors to the Phoenix Project founders.