This deal came along when the two companies meet, out of the three startups chosen to present in the ‘lions’ the first two were able to secure an offer from the five investors gathered on stage at Xfinity live.
The startup is focused on improving medical malnutrition to creative effective nutritious product for patients suffering from malnutrition and this is often due to issues arising from health preventing proper absorption of food in the body system such as cystic fibrosis.
The offer walked out from the lion’s dean with a verbal agreement of us dollar 850,000 spread across the five lions. The lions in the dean include the Backstage Capital Founder and CEO Jonathan Brassington; Michael Hagan, co-founder and managing partner of Hawk Capital Partners; FS Investments Chairman and CEO Michael Forman and Richard Vague, well known as investor, philanthropist and managing partner of Gabriel Investments.
This agreement to invest in medical malnutrition startup came about after co-founder Jim O’Connell laid out a pitch to the five lions describing how people strive in their daily lives to try a satisfy their basic need of food. Many of the patients suffering from malnutrition are children with medical disorders which prevents the body from digesting and absorbing food effectively
MNI’S product is described as the powdered “LXS structured lipid” that enables the calories, including precise nutrients, to be absorbed without the need of being digested. This product is said to help patients maintain or gain weight, with the probability of avoiding food tubes which can have a significant impact on a patient’s overall well-being. This is significantly true especially to patients with cystic fibrosis(CF).
According to the presentation brought to the lions by O’Connell, he said about in 12 months 6 million dollars funded by the National Institute of Health determined the LXS fats improved CF patients’ absorptions of important nutrients in the body that then better their health.
The LXS fats also help patients body absorb other fats available. MNI is focusing on CF patients to start, as more than 25,000 patients rely on the enzymes for nutritional needs and there are 120 CF centers in the country.