Haemostatic device developer raises $25m

Cresilon, a Brooklyn-based biotechnology company developing and manufacturing haemostatic medical device technologies, has successfully completed a $25 million Series A-4 financing round. 

The financing will support the company's efforts to accelerate its global expansion plan and bring its haemostatic gel to the human health market.

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 haemostatic 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 haemostatic gel technology. The financing was led by Paulson Investment Company.

Joe Landolina, CEO and co-founder of Cresilon, said: "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. We greatly appreciate the continued support of our investors as we continue to advance our mission of saving lives."

Thomas Parigian, senior managing partner at Paulson Investment Company, added: "We are pleased to have facilitated this significant capital raise during a period of time of extreme market volatility. 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."