Bloodtech startups are booming and Cresilon, Inc, a Brooklyn-based biotechnology company is another one in the news. They’re developing and manufacturing a hemostatic medical device to arrest severe bleeding in a matter of seconds without manual pressure, has secured $25M in a Series A-4 financing round led by Paulson Investment Co.
The US company will use the funds to accelerate its global expansion plan, increase production capacity at its state-of-the-art biomanufacturing facility in Brooklyn, and expand upon its successful launch of VETIGEL.
The capital injection will also support it’s entry into the human health market following its submission of a 510(k) premarket notification to the US 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 accelerate that progress further,” says Joe Landolina, CEO and Co-Founder of Cresilon. “We greatly appreciate the continued support of our investors as we continue to advance our mission of saving lives.”
Hemostatic medical devices
Founded by Joe Landolina and Isaac Miller, Cresilon is a Brooklyn-based biotechnology company that develops, manufactures, and markets hemostatic medical devices utilising the company’s proprietary gel technology.
The company’s product is VETIGEL, the first hemostatic gel based out of plants for the animal health market that instantly stops bleeding in various applications, including emergency care and surgical procedures.
“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.”