BUSINESS WIRE: TISSIUM Raises €50M in Series C Financing to Propel its Platform to Commercial Stage
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PARIS --(BUSINESS WIRE)-- 31.08.2021 --
TISSIUM, a privately-owned medtech company developing biomorphic programmable polymers for tissue reconstruction, announced it has closed a Series C round of financing, raising €50 million from new and existing international investors. Cathay Health, affiliated to global investment firm Cathay Capital, led new investors and joined other institutional and individual backers while existing shareholders were led by Sofinnova Partners, a historical cornerstone investor, reinforcing TISSIUM shareholding structure. As part of the financing, Cathay Health Co-founder and Managing Partner Hongjie Hu will be joining TISSIUM’s board of directors.
This latest funding round coincides with a period of rapid growth at TISSIUM that is expected to continue as it scales its operations and adds to its executive team. The financing will allow TISSIUM to continue to execute on its development plan, funding the company up to the commercialization of its leading nerve repair, hernia repair and cardiovascular sealant products.
As TISSIUM adds to its platform with products in new therapeutic areas, it will continue to pursue rapid international expansion, leveraging in-house production and state-of-the-art manufacturing facilities, as well as entering partnerships in certain verticals.
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.”
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.”
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.”
TISSIUM is a privately-owned medtech company based in Paris, France and Boston, USA that is dedicated to the development and commercialization of a unique biopolymer platform to address multiple unmet clinical needs, including atraumatic tissue repair and reconstruction.
TISSIUM is developing a portfolio of solutions that leverage its proprietary family of fully biosynthetic, biomorphic and programmable polymers, which are the foundation of the company’s technology platform. Currently, the Company has a pipeline of seven products across three verticals, including nerve repair, hernia and cardiovascular. Each product is designed to enhance the tissue reconstruction process in a unique way. The company also develops delivery and activation devices for enhanced performance and usability of its products.
TISSIUM’s technology is based on world-class research and intellectual property from the laboratories of Professor Robert Langer (MIT) and Professor Jeffrey M. Karp (Brigham and Women’s Hospital), who co-founded the company in 2013.
For more information, please visit: www.TISSIUM.com
Follow us on LinkedIn, Twitter @TISSIUMtech.
About Cathay Health and Cathay Capital Group:
Cathay Capital Group is a global investment firm supporting companies at all stages throughout North America, Asia, Europe and Africa. Affiliated to Cathay Capital, Cathay Health is a global cross-border platform investing at the convergence of healthcare, life sciences and technology. By helping navigate the opportunities of globalization and sustainable transformation, Cathay is the partner of choice for companies aspiring to lead markets and make a positive impact. Its global platform connects people – from investors and entrepreneurs to management teams and leading corporations – across continents to share knowledge, the tools to scale, and achieve the extraordinary. Founded in 2007 with a strong entrepreneurial heritage, Cathay Capital now manages over $4,2B in assets, has completed over 180 buyouts, growth and venture capital investments with global reach and local expertise across Paris, London, Munich, New York, Boston, San Francisco, Shanghai, Beijing, Singapore and Shenzhen.
For more information, please visit www.cathaycapital.com
Follow us on LinkedIn, Twitter @CathayCapital
About Sofinnova Partners:
Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future.
Founded in 1972, Sofinnova Partners is a deeply-established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €2 billion under management.
For more information, please visit: www.sofinnovapartners.com
Romain Attard – Chief Financial Officer
Tel: +33 1 76 21 72 28
Tel: +1 646-770-8858
Tel: +33 6 63 03 84 91