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News Release - September 21, 2021
Cytrellis Biosystems Completes $50 Million Series C FinancingInvestment Led by D1 Capital Partners Will Support the Company's Commercialization Efforts and R&D Investments
WOBURN, Mass., Sept. 21, 2021 -- (Healthcare Sales & Marketing Network) -- Cytrellis, a medical technology company dedicated to the development and commercialization of first-in-class aesthetic devices which emphasize safety, efficacy, and improved quality of life for patients, today announced the closing of a $50 million Series C funding round. The financing was led by D1 Capital Partners and included participation from an additional new investor, Sands Capital, as well as existing institutional investors ARCH Venture Partners and PFM Health Sciences. Proceeds will be utilized to develop the company's commercial infrastructure as well as support additional clinical research, product development, and manufacturing.
"We are thrilled to partner with D1 Capital Partners and Sands Capital," said Karen Cronholm, President and CEO of Cytrellis. "This investment further validates our achievements towards transforming the way in which physicians treat skin without the use of energy, scarring, or surgery. With a solid foundation of robust clinical data, we are looking forward to providing physicians and patients with better outcomes using our entirely new, innovative ellacor™ treatment."
James Rogers, of D1 Capital Partners, noted "We are proud to support the commercial launch of ellacor™ and believe it will improve the treatment paradigm for facial wrinkles. Cytrellis is dedicated to innovation, and we are excited to help the company realize the potential of its clinical research and product development platform over the coming years."
Ellacor's recent FDA clearance* provides a pathway to an initial commercial rollout, which Cytrellis intends to execute with a small group of key physicians. The company anticipates a full national rollout in 2022.
*The ellacor™ System with Micro-Coring™ Technology is indicated for use by medical professionals for the treatment of moderate to severe wrinkles in the mid to lower face in adults aged 22 years or older with Fitzpatrick skin types I-IV.
Cytrellis Biosystems, Inc. has developed a novel class of aesthetic devices designed to remove sagging skin associated with aging without surgery or scarring, enabling aesthetic practitioners an unprecedented ability to improve age related changes in skin and restore youthful beauty. Cytrellis is dedicated to working with leading dermatologists and plastic surgeons to develop unique product solutions which emphasize safety, clinical results and improved quality of life. We are a Massachusetts based venture capital backed company. More information is available at www.cytrellis.com
About D1 Capital Partners
D1 Capital Partners is a global investment firm that operates across public and private markets. The firm combines the talent and operational excellence of a large, premier asset management firm with the flexible mandate and long-term time horizon of a family office. Founded in 2018 by Dan Sundheim, D1 focuses on investing in the global internet, technology, telecom, media, consumer, healthcare, financial, industrial and real estate sectors.
About Sands Capital
Sands Capital is an active, long-term investor in leading innovative businesses globally. Our approach combines analytical rigor and creative thinking to identify high-quality growth businesses that are creating the future. Through an integrated investment platform spanning venture capital, growth equity and public equity, we provide growth capital solutions to institutions and fund sponsors in more than 40 countries. An independent, staff-owned firm founded in 1992 with offices in the Washington, D.C. area, San Francisco, London and Singapore, Sands Capital managed more than USD $77 billion in client assets as of June 30, 2021.
About ARCH Venture Partners
ARCH Venture Partners invests in advanced technology companies and is one of the largest early stage technology venture firms in the United States. The firm is a recognized leader in commercializing technologies developed at academic institutions, corporate research groups and national laboratories. ARCH creates and invests in companies with leading scientists and entrepreneurs, bringing innovations in life sciences and physical sciences to market. Learn more at www.archventure.com.
About PFM Health Sciences
Founded in 2004, PFM Health Sciences is a leading healthcare investment advisor currently managing approximately $2 billion in public and private investments. The firm led by Founding Partner and CIO, Brian Grossman, is focused on partnering with innovative biopharma, medical technology, life science and healthcare service companies.
Source: Cytrellis Biosystems
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