Merz Venture Initiative Increases Investment in Cytrellis
FRANKFURT, Germany--(BUSINESS WIRE)--Jun 5, 2018--Merz, a global leader in medical aesthetics and neurotoxins, announced today that it has increased its investment in US-based medical technology company Cytrellis Biosystems, Inc. via its corporate venture initiative. An investor since April 2016, Merz most recently participated in Cytrellis’ $28.5 million Series B financing. Additionally, Michael Peterson, CTO – Merz Device Innovation Center and representative of the Merz venture initiative, will join the Board of Directors at Cytrellis.
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“This new round of investment reflects Merz’s confidence in both the technology and the leadership at Cytrellis,” said Jörg Bergler, Head of Global Corporate Development at Merz. “We have seen excellent progress since our initial investment and are pleased to further support the company’s ongoing clinical, product development and regulatory activities.”
Cytrellis is a Boston-based clinical stage company that has been developing an entirely new category of medical devices for the aesthetics market. Cytrellis’ key proprietary technology removes excess skin without invasive surgery or scarring. This technology will enable physicians to improve sagging skin associated with aging on the face and other areas of the body and thereby address one of the aesthetic industry’s largest unmet needs.
“We are pleased Merz’ venture initiative has continued to invest as part of our Series B round, which will allow Cytrellis to conclude clinical studies and fund our efforts to obtain regulatory clearances,” said Karen Cronholm, President and CEO of Cytrellis. “Additionally, we welcome the expertise of Mr. Peterson from Merz to our board of directors. Mr. Peterson has been involved in leading the development of multiple dermatologic devices, including Ultherapy ® and Cellfina ®.”
Through its corporate venture initiative, Merz continues to invest in promising early-stage aesthetic companies. In particular, Merz seeks proactive and long-term engagement with selected partners, with the goal of providing value beyond funding, including access to relevant experts and valuable commercial insight.
For more information about Merz’s corporate venture initiative, please visit https://www.merz.com/innovation/venture-initiative/.
With approximately 3,000 employees and a direct presence in 28 countries, Merz is a global, family-owned medical aesthetics and neurotoxin company based in Frankfurt, Germany. Privately held for 110 years, the company is distinguished by its commitment to innovation, solid financial strength and continuous growth. In addition to its comprehensive portfolio of medical aesthetic products in the device, injectable and skincare categories, Merz also develops neurotoxin therapy to treat neurologically-induced movement disorders. In fiscal year 2016/17, Merz generated revenue of EUR 1,092.9 million. More information is available at www.merz.com.
About Cytrellis Biosystems
Cytrellis Biosystems, Inc. is a clinical stage medical technology company developing a new, proprietary class of aesthetic devices. Our devices are designed to remove sagging skin associated with aging without surgery or scarring, enabling aesthetic practitioners an unprecedented ability to improve age related changes in skin and restore youthful beauty. Cytrellis is dedicated to working with leading physicians and partners to develop unique product solutions, which emphasize safety, clinical results and improved quality of life. For more information about Cytrellis Biosystems, please visit www.cytrellis.com
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CONTACT: Merz Contact:
Merz Pharma GmbH & Co. KGaA
Global Corporate Communications
Mariana Smith Bourland
Phone: +49 151 4249 1466
KEYWORD: EUROPE GERMANY
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY CLINICAL TRIALS MEDICAL DEVICES PHARMACEUTICAL
SOURCE: Merz Pharma GmbH & Co. KGaA
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PUB: 06/05/2018 09:10 AM/DISC: 06/05/2018 09:10 AM