Michael Barbella, Managing Editor12.14.22
Cresilon Inc. is $25 million richer, having completed a Series A-4 financing round 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."
Specifically, the financing will be used to accelerate Cresilon's global growth plan, increase production capacity at its 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.
"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," Cresilon CEO and Co-Founder Joe Landolina said. "We greatly appreciate the continued support of our investors as we continue to advance our mission of saving lives."
Cresilon is a Brooklyn-based biotechnology company that develops, manufactures, and markets hemostatic medical devices using 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.
"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."
Specifically, the financing will be used to accelerate Cresilon's global growth plan, increase production capacity at its 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.
"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," Cresilon CEO and Co-Founder Joe Landolina said. "We greatly appreciate the continued support of our investors as we continue to advance our mission of saving lives."
Cresilon is a Brooklyn-based biotechnology company that develops, manufactures, and markets hemostatic medical devices using 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.