US-based dermatological device developer Cytrellis Biosystems raised $28.5m on Tuesday in a series B round featuring aesthetics and neurotoxin developer Merz Pharma’s corporate venturing program unit.
Merz Venture Initiative was joined in the round by venture capital firms Arch Venture Partners and Biomatics Capital, as well as investment management firm Partner Fund Management.
Cytrellis Biosystems is developing a handheld aesthetic dermatological device that combats sagging facial skin associated with aging by removing multiple minute skin parcels.
The technology has demonstrated a positive impact on moderate-to-severe wrinkles during clinical-stage trials.
Michael Peterson, chief technical officer of Merz’s Device Innovation Center, will represent the corporate’s VC initiative on the Cytrellis board of directors.
Merz Pharma injected an undisclosed sum of funding into Cytrellis in 2016, after Cytrellis had received $7.1m in equity from investors including Arch the previous year, and $450,000 in debt in 2012, according to regulatory filings.