Brooklyn biotech company Cresilon announced it has completed a successful Series A-4 financing round to bring its proprietary hemostatic gel technology, VETIGEL, to the human health market.
“We greatly appreciate the continued support of our investors as we continue to advance our mission of saving lives”
Created entirely from plant-based polymers, VETIGEL is a hemostatic medical device that controls bleeding on contact, with no need to apply manual pressure. The gel has a wide variety of applications in veterinary medicine, including emergency care and surgical procedures. According to co-founder Joe Landolina, the gel essentially serves as a liquid band-aid, and using plant-derived materials allowed the product to be safer and more biocompatible, with fewer side effects.
Cresilon plans to use the Series A funding to increase production capacity at its 25,000 sq. ft. biomanufacturing facility in Brooklyn, expand on VETIGEL’s successful launch, and “aggressively” accelerate the company’s global expansion plans.
“We are extremely pleased with the progress that Cresilon has made in terms of market penetration, operational expansion, and strategic initiatives, and we will continue to invest in our business to further accelerate that progress,” said Joe Landolina, CEO and co-founder of Cresilon. “We greatly appreciate the continued support of our investors as we continue to advance our mission of saving lives.”
Human health market
The raise will also support VETIGEL’s entry into the human health market – the company has already submitted a 510(k) premarket notification to the U.S. Food and Drug Administration for its hemostatic gel technology. The Series A financing round was led by Paulson Investment Company.
“We are pleased to have facilitated this significant capital raise during a period of time of extreme market volatility,” said Thomas Parigian, Senior Managing Partner at Paulson Investment Company. “The strong demand for investment in Cresilon despite market conditions is a direct reflection of the strength of the company’s leadership and the developing global footprint of its innovative and disruptive technology.”
