CUTISS raises 7.2 Mio in series A financing round
Funding brings resources to scale-up the production of denovoSkin™ and to develop the next generation skin grafts.
Zurich, Switzerland, June 20th 2018 – CUTISS AG, a biotech company spin-off of the University of Zurich (UZH), focused on the development of personalized bioengineered skin graft products for the treatment of skin defects, announces the closing of a series A financing round of CHF 7.255.000. CUTISS AG’s lead product denovoSkin™ has successfully completed Phase I in pediatric patients and is recruiting in multi-centric Phase II studies financed by Wyss Zurich. This series A financing round is succeeding a CHF 1 million convertible loan previously provided to the company by the UZH Life Sciences Fund, and now converted.
The funds raised with Giammaria Giuliani (Lead), Yellowstone Holding AG, Zürcher Kantonalbank and several private investors will be used to scale up the production of denovoSkin™ and to develop the next generation skin grafts. “Our Series A investors bring not only capital resources, but also great vision and experience in the Life Science industry and innovation. We are very glad to welcome them on board,” said Dr. Daniela Marino, CEO and co-founder of CUTISS AG.
The Lead investor, Giammaria Giuliani said: "We are thrilled to invest in a strong team that, we believe, will develop CUTISS AG’s technology into being a game changer in the cell therapy field for recon-structive and plastic surgery". Branford Lu from Yellowstone Holding said: “It is our pleasure to work with CUTISS AG. We are confident that this technology will be of great benefit for millions of patients worldwide”.
CUTISS AG’s board of Directors is chaired by Prof. Dr. med. Martin Meuli, Director of the Surgery Department of the University Chil-dren’s Hospital Zurich. In conjunction with the financing, Giammaria Giuliani is joining the board with its other members: Prof. Dr. Ernst Reichmann, Head of the Tissue Biology Research Unit at the Univer-sity Children’s Hospital in Zurich, Dr. Anja König, Global Head of No-vartis Venture Fund and Dr. Daniela Marino.
About Skin Defects
Every year in the world, more than 50 millions of people suffer from skin defects and need surgical intervention to restore skin function. Skin defects can be either acute (burns & trauma) or elective (reconstructive and ulcers). In EU and US about 12 million patients could benefit from CUTISS AG’s technology every year. Burns are a rare disease and denovoSkin™ has received Orphan Drug Status / Designation for their treatment by Swissmedic, EMA and FDA. In many cases, standard of care leaves patients with debilitating scars. denovoSkin™ could significantly improve the life quality of patients worldwide by drastically reducing scarring after transplantation.
About CUTISS AG
CUTISS AG is a Swiss biotech company, spin-off of the UZH, developing personalized skin graft technologies for the treatment of a large spectrum of skin defects. Its first in line product denovoSkin™ has been tested in a phase I clinical trial on pediatric patients at the Uni-versity Children’s Hospital in Zurich. EU phase II studies have started financed by Wyss Zurich. denovoSkin™ has received Orphan Drug Designation for the treatment of burns by Swissmedic, EMA and FDA. In addition, denovoSkin™ promises to improve life quality of elective (reconstructive) patients.
CUTISS AG, Daniela Marino, +41 76 230 8046, firstname.lastname@example.org, www.cutiss.swiss