The biomedical company Hylomorph has raised 5.2 million Swiss francs in a financing round. In addition, the manufacturer received funding to allow its products to be approved for the American and European markets. (Source: Punkt4.info)
Medtech company Hylomorph has received 5.2 million Swiss francs from investors in a financing round. The existing investors sent a strong signal of their continued support for the startup, according to a media release.
The Series B investor consortium was led by venture capital firm Geneva Smart Invest, business angel investor platform Start Angels Network (SAN), as well as venture capital firm Verve Ventures and Zürcher Kantonalbank. EFI Lake Geneva Ventures and the Geneva Fund also strengthened the round.
“The mission, the team, the technology and the attractive market painted a picture that left no doubt about our investment in Hylomorph,” Erich Platzer, president of SAN, business angel and venture capitalist, is quoted as saying in the media release. He said he expects “Hylomorph to be an impressive success story.”
“We are proud of this outstanding result, achieved in challenging times and confirming the strong investor confidence,” Simone Bottan, CEO and founder of Hylomorph, is quoted as saying in the media release. Hylomorph’s clinical development program is progressing and the company’s goal of preventing complications after surgery with implants is in sight, she said.
As a result, the spin-off from the Swiss Federal Institute of Technology Zurich (ETH) was able to secure additional funding of 900,000 Swiss francs. These will be used for the approval of initial products such as the implantable pouch made of biosynthetic cellulose, Hylomate, with the U.S. Food and Drug Administration (FDA), as well as for the European CE mark. “The new funding will lead us to market clearance for the U.S. and EU,” Bottan is quoted as saying in the media release.