Parisian biotech firm Tissium has closed a Series C funding round valued at €50 million. The company specialises in the development of biodegradable wound closure compounds, an area traditionally sewn up by stitches. The new funding is expected to further commercialisation efforts as well as promote the development of additional reconstructive polymers. To date, Tissium has raised approximately €132 million.
According to historians, the first usage of what we know as stitches stem back to 3000 BC. In 2013, Tissium sought to break ranks with history and offer a different way of doing things.
Initially conceived as a method of making open-heart surgeries less invasive, Tissium’s polymer builds upon the body’s own natural healing mechanism, with the only difference being better, faster, and stronger.
Eight years later, the company has seven products across three verticals on offer including nerve repair, hernia repair, and cardiovascular sealants. With these developments, Tissium is addressing a combined market value of $4.5 billion in the US and Europe.
The Series C round was led by Sofinnova Partners and Cathay Health, an affiliate of Cathay Capital, and joined by several undisclosed institutional and individual investors.
“This funding significantly bolsters our ability to move with speed towards our goal of enhancing tissue reconstruction for patients,” commented engineer-turned-entrepreneur CEO Christophe Bancel. “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.”
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