CUTISS raises CHF18.7 million

In an ongoing Series B financing round CUTISS has secured CHF18.7 million. The round was led by Giammaria Giuliani (Gisev Family Office), seconded by the Wyss Foundation and supported by new and existing private investors and family offices. The series B financing round aiming at up to CHF 20 million in total is still ongoing; its final closing is expected for June 15 2020.

The proceeds will allow CUTISS to further progress its technology. Upcoming key inflection points include the completion of the ongoing clinical phase II trials, the scale-up of the manufacturing at the Biotechnopark in Zurich-Schlieren, and the successful implementation of a prototype machine for the automated production of large quantities of skin from a small piece of healthy skin. It is CUTISS’ ambition to file for market authorization with denovoSkin in Switzerland and in the European Union in 2022.

Dr. Daniela Marino, Chief Executive Officer and Co-Founder of CUTISS AG, commented: “We are thrilled and honored about the great interest our series B financing round has received from both private and professional investors, especially on the backdrop of the current challenging times. We thank our existing shareholders for their continued support and our new investors for their commitment and trust.”

CUTISS is a spin-off of the University of Zurich, developing personalized skin graft technologies for the treatment of a large spectrum of skin defects. Its lead product candidate, denovoSkin, has been tested in a phase I clinical trial on pediatric patients at the University Children’s Hospital in Zurich. Phase II studies are currently ongoing in Switzerland and the European Union and are partially funded by Wyss Zurich. DenovoSkin has received Orphan Drug Designation for the treatment of burns by Swissmedic, EMA and FDA. In addition, denovoSkin aims to improve life quality of elective (reconstructive treatments) patients as well and it can further be developed in terms of complexity by adding pigmentation.

In 2018, CUTISS raised CHF 11.2 million in a series A financing round that included Business Angels and Family Offices as well as Giammaria Giuliani (Gisev Family Office), Yellowstone Holding, and the Zürcher Kantonalbank (ZKB). In addition, a total of CHF 4 million were granted by Innosuisse and the European Commission (non-dilutive).