A French startup which uses a novel technology to reconstruct damaged tissue and restore it to its natural state has raised €30m in equity and taken out up to €30m in debt financing, it said today.
Tissium has developed materials called ”biomorphic programmable polymers” that act as an adhesive, which bind nerves together inside tissue, circumventing the need for invasive stitches. Its goal is to reduce trauma to the surrounding tissue and improve recovery rates in patients.
Tissium's technology is used to repair heart defects, hernias, and damaged nerves. Two of its products- one for nerve repair, one for hernia treatment- have received approval by the US Food and Drug Administration (FDA). Tissium said the €30m equity Series D-2 investment round was led by an undisclosed new US -based family-owned institutional investor.
The round has also been supported by new family offices, high net worth individuals and existing investors, it said. Existing investors include Mérieux Développement and Cathay. Tissium has raised €200m in equity funding in total. The debt facility of up to €30m is from the European Investment Bank.
The funding will be used to finance the rolling out of its tech in the US, and fund clinical trials as it looks to expand the tech to other areas of healthcare.
