CUTISS completes successful Series C financing round
Original article published by CUTISS – shortened version following.
CUTISS, a spin-off from the University of Zurich, has successfully raised CHF 56 million in a Series C financing round. The funding will be used to support the ongoing Phase 3 trials of denovoSkin™ and prepare for its market launch.
CUTISS was founded in 2017 as a spin-off from the University of Zurich's tissue biology research group and is a leader in the fields of tissue therapy and regenerative medicine. Its main product, denovoSkin™, which is currently in Phase 3 clinical trials in Europe, is a bioengineered, personalized skin graft that will revolutionize skin surgery.
With the successful completion of the current financing round, the total funds raised by the company now exceed CHF 125 million. The proceeds will be used to continue the Phase 3 study with the lead product denovoSkin™, which began earlier this year, and to prepare for market launch. The funds will also drive the industrialization and clinical readiness of the world's first automated manufacturing platform for personalized tissue therapy, a key component for the large-scale market launch of denovoSkin™.
Dr. Daniela Marino, CEO and co-founder of CUTISS, explains: «The successful closing and partnerships demonstrate confidence in our vision and our ability to deliver transformative skin therapies to patients. We are grateful for the continued trust of our existing investors and warmly welcome the new investors, including key strategic investors.»
CUTISS has also signed a cooperation agreement with its new investor Rode Kruis Ziekenhuis (RKZ), which could lead to the establishment of CUTISS's first international commercial production facility in the Netherlands once denovoSkin™ receives market approval.
We congratulate CUTISS on this great success!