Cresilon Closes $25 Million in Series A-4 Financing to Accelerate Global Expansion and Bring Revolutionary Hemostatic Gel to Human Health Market
Summary
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 companys 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 Cresilons global growth plan, increase production capacity at its state-of-the-art biomanufacturing facility in Brooklyn, and expand upon the companys successful launch of VETIGEL\xae, 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 Cresilons 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 companys proprietary hemostatic gel technology. ""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 companys leadership and the developing global footprint of its innovative and disruptive technology.