The latest funding will be used to accelerate the global expansion of TISSIUM’s platform of polymers.
TISSIUM has reportedly announced that it has secured €38.75 million ($42.78 million) in a Series B funding round. New investors including the European Investment Fund (EIF), BNP Paribas Développement, ValQuest Partners, and M&L Investments, participated in the funding. Also, returning investors included CM-CIC Innovation, Bpifrance, Omnes Capital, Sofinnova Partners, and CapDecisif Management, who supported the funding round.
The latest funding will be used to accelerate the global expansion of TISSIUM’s platform of polymers. The company will examine application of polymers in therapeutic fields, such as cardiovascular, gastroenterology, and nerve repair, among others.
The proprietary technology used by TISSIUM platform was initially developed at the Massachusetts Institute of Technology (MIT) & Brigham and Women’s Hospital. The technology caters to the foundation of a group of fully synthetic, programmable, and biomorphic polymers. These polymers are developed to be used as adhesives, sealants, barriers, a vehicle for drug delivery, or plugs inside the body. The design of the polymers being built using 3D printing technology also allows them to be used outside the body as implantable devices.
Tissium intends to use the amount raised by funding to manage clinical development programs and regulatory process targeting multiple geographies. The company will focus on its newly inaugurated Boston affiliate office to support the globalization of its outlook.
Jay Watkins, a serial MedTech entrepreneur and executive, will join Board of Directors of TISSIUM as Independent Chairman after the completion of the Series B funding.
Jay Watkins, apparently stated that he is grateful to join the company as Chairman and amazed with the wide-ranging applications of biomorphic programmable polymers across various therapeutic fields.
Christophe Bancel, CEO, TISSIUM, was quoted saying that the latest round of funding is an indication of the support extended by investors towards the company for its strategy and vision for the broad ecosystem of TISSIUM’s products. The company has been looking forward to moving rapidly towards numerous verticals and developing into new clinical fields in the upcoming months.
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