Cresilon Closes $25 Million in Series A-4 Financing to Accelerate Global Expansion and Bring Revolutionary Hemostatic Gel to Human Health Market

News provided by

Oct 27, 2022, 07:38 ET

NEW YORK, Oct. 27, 2022 /PRNewswire/ -- Cresilon, Inc., the Brooklyn-based biotechnology company developing and manufacturing innovative hemostatic medical device technologies, today announced the successful completion of a $25 million Series A-4 financing round. The financing will support the company's efforts to aggressively accelerate its global expansion plan and bring its revolutionary hemostatic gel to the human health market.

Specifically, the financing will be used to accelerate Cresilon's global growth plan, increase production capacity at its state-of-the-art biomanufacturing facility in Brooklyn, and expand upon the company's successful launch of VETIGEL®, the first hemostatic gel for the animal health market that instantly stops bleeding in a wide variety of applications including emergency care and surgical procedures. It will also support Cresilon's entry into the human health market following its submission of a 510(k) premarket notification to the U.S. Food and Drug Administration for the company's proprietary hemostatic gel technology. The financing was led by Paulson Investment Company.

"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."

"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."

About Cresilon, Inc.

Cresilon® is a Brooklyn-based biotechnology company that develops, manufactures, and markets hemostatic medical devices utilizing the company's proprietary gel technology. The company's plant-based technology has revolutionized the current standard of care in hemostasis and wound treatment with product lines targeting both the human and animal health markets. Cresilon's mission is to save lives. Learn more at www.cresilon.com.

SOURCE Cresilon