Tissue Reconstruction Company Raises €50m in Funding
Backed by new and old investors that include Cathay Health and Sofinnova Partners, the MedTech company aims to commercialise its biopolymer platform.
TISSIUM, a privately-owned MedTech company developing biomorphic programmable polymers for tissue reconstruction has closed a Series C funding round, raising €50 million from new and existing international investors.
Christophe Bancel, CEO of TISSIUM, said, “With the closing of our Series C financing round, TISSIUM is well-positioned to take the next steps to commercialization. This funding significantly bolsters our ability to move with speed towards our goal of enhancing tissue reconstruction for patients. This financing will contribute significantly to TISSIUM’s ability to take advantage of the variety of opportunities we have to advance our innovation in this space”.
TISSIUM is a MedTech company developing a biopolymer platform to address what they state are “multiple unmet clinical needs”, including atraumatic tissue repair and reconstruction. The company has a portfolio of solutions that use its proprietary family of fully biosynthetic, biomorphic and programmable polymers. TISSIUM currently has a pipeline of seven products across three verticals, including nerve repair, hernia and cardiovascular with each product designed to enhance the tissue reconstruction process.
The latest funding round builds upon a previous €39 million Series B funding round and an €8 million Series A funding round. TISSIUM states the funding coincides with a period of rapid growth that is expected to continue as it scales its operations and adds to its executive team. The financing will allow the company to continue to execute its development plan, funding the company up to the commercialization of its nerve repair, hernia repair and cardiovascular sealant products.
Antoine Papiernik, Managing Partner at Sofinnova Partners, said, “At Sofinnova Partners, we have been convinced since the beginning of TISSIUM’s potential to revolutionize tissue repair and bring a truly innovative solution for patients worldwide. We are pleased to be joined by Cathay Health and other investors who share this vision as we continue to support TISSIUM and provide the means for this exceptional team to pursue its development and prepare the commercialization of its lead products”.
The company also notes it’s going to add to its platform with products in new therapeutic areas, continue to pursue international expansion, leverage in-house production and state-of-the-art manufacturing facilities, as well as entering partnerships in certain verticals.
Cathay Health, affiliated to global investment firm Cathay Capital, led new investors and joined other institutional and individual backers whilst existing shareholders were led by Sofinnova Partners, a cornerstone investor, reinforcing the TISSIUM shareholding structure. As part of the financing, Cathay Health Co-founder and Managing Partner Hongjie Hu will join TISSIUM’s board of directors.
Hongjie Hu, Co-founder and Managing Partner of Cathay Health, said, “TISSIUM is creating the future of tissue reconstruction on all continents. Its expandable platform is solving for widespread problems in surgeries addressing the needs of atraumatic repairs and can be applied to multiple, large, unmet therapeutic areas.
“As a cross-border investment platform spanning the US, Europe and Asia, we look forward to bringing the global outlook, resources and health ecosystem to support TISSIUM’s brilliant team in its international expansion and for the next steps toward commercialization and growth”.
You can find more information about TISSIUM and its €50m funding round on its website.
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