German aesthetic player Merz has invested in recently announced company Cytrellis Biosystems. The Boston-based startup is developing aesthetic medical devices to remove sagging skin without surgery or scarring.
The Cytrellis device is intended to remove sagging skin associated with aging on the face and the body. Current approaches to both regions typically require surgery, which can result in unintended outcomes and scarring.
"As a young and innovative company with an experienced team, Cytrellis has the potential for a successful market launch of a revolutionary technology in the field of aesthetic medicine," said Hans-Jörg Bergler, head of global corporate development at Merz Pharma, in a statement. "For Merz, the investment in Cytrellis ideally fits our current venture strategy, which is dedicated to aesthetics."
Details on Cytrellis, and the deal itself, are scarce as the investment amount is undisclosed. Founded in 2012, Cytrellis got its first $7.1 million in equity investment in February 2015, according to an SEC filing.
Last June, Merz said it planned to make investments in aesthetics startups via its corporate venture capital fund. It's also done a series of aesthetics acquisitions in recent years including Swiss dermatology company Neocutis, injectable biopolymer player Anteis and dermal filler company BioForm Medical.
Most recently, it bought skin-tightening device company Ulthera for up to $600 million.
"We're delighted to have Merz as a strategic investor," said Cytrellis co-founder and CEO Doug Levinson in a release. "From the outset, we've sought to selectively engage investors that can extend Cytrellis' access to aesthetics industry expertise. This investment from Merz allows us to achieve this goal. Merz has a remarkable depth of overall industry expertise in the global aesthetics market, and a wealth of medical device experience gained through the successful launches of Ultherapy and Cellfina."
- here is the release