Healthcare Industry News: HSMN NewsFeed
News Release - June 5, 2018
Cytrellis Biosystems Completes $28.5 Million Series B FinancingSupports company's clinical, product development and regulatory efforts
Michael Peterson, CTO Merz Device Innovation Center, joins Board of Directors
WOBURN, Mass., June 5, 2018 -- (Healthcare Sales & Marketing Network) -- Cytrellis Biosystems, Inc., a medical technology company developing a new, proprietary class of dermatologic aesthetic devices for the reduction of skin laxity, today announced that it has received $28.5 million in a Series B round which included existing investors ARCH Venture Partners, the Merz Venture Initiative and new investors, Partner Fund Management and BioMatics Capital. In addition, Michael Peterson, CTO of Merz's Device Innovation Center representing Merz's venture initiative, will be joining the Board of Directors.
"We are pleased to complete this important financing round which will allow the company to conclude clinical studies and fund our efforts to obtain regulatory clearances", said Karen Cronholm, President and CEO of Cytrellis. "Additionally, we welcome the expertise of Mr. Peterson from Merz to our board of directors. Mr. Peterson has been involved in leading the development of multiple dermatologic devices including Ultherapy® and Cellfina®.
"The Company has developed a micro-excisional device which safely and simply removes micro-sized cores of excess sagging skin without energy, scarring or surgery," added Cronholm. "With current technologies, a patient has to undergo invasive surgery to remove unwanted skin to achieve a significant reduction in sagging skin. Cytrellis' clinical studies in the mid and lower face have demonstrated quantitative reduction in the area of treated skin, softening of skin folds and reduction of moderate to severe wrinkles, with high satisfaction levels and minimal downtime for the patient."
Cytrellis Biosystems, Inc. is a medical technology company developing a new, proprietary class of aesthetic devices. Our devices are 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 ARCH Venture Partners
ARCH Venture Partners is a premier provider of seed and early stage venture capital for technology firms, with a special competence in co-founding and building firms from start-up. Our mission is to deliver promising technologies from the earliest stages to successful commercial application – from concept to commerce. With a 30 year history and $2 billion in capital under management, ARCH has secured its place among the largest providers of seed and early stage capital in the U.S.
With approximately 3,000 employees and a direct presence in 28 countries, Merz is a global, family-owned medical aesthetics and neurotoxin company based in Frankfurt, Germany. Privately held for 110 years, the company is distinguished by its commitment to innovation, solid financial strength and continuous growth. In addition to its comprehensive portfolio of medical aesthetic products in the device, injectable and skincare categories, Merz also develops neurotoxin therapy for the treatment of neurologically-induced movement disorders. In fiscal year 2016/17, Merz generated revenue of EUR 1,092.9 million. More information is available at www.merz.com.
About Partner Fund Management
Partner Fund Management, L.P. is a San Francisco based investment advisor registered with the U.S. Securities & Exchange Commission and manages over $5b in investment capital (as of December 31, 2017). The firm was founded in 2004 and has been actively investing in the Healthcare sector on behalf of its clients since its inception.
About BioMatics Capital
Founded in 2016 by Dr. Boris Nikolic and Julie Sunderland, Biomatics joins with leading innovators and entrepreneurs to translate revolutionary science into the next generation of world-class health care companies.
It's our goal to seek out radically innovative solutions; we do not invest in traditional drug-discovery, diagnostic or medical-device companies. By combining the best of science with sound investment practices and our operational expertise, we create extraordinary value — for investors and for patients.
Source: Cytrellis Biosystems
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