GreenBone Ortho, a Faenza, Italy-based provider of bio-inspired solutions to treat severe bone diseases, raised €8.4m in funding.
Backers included Helsinn Investment Fund SA, Invitalia Ventures SGR and Innogest SGR, Italian Angels for Growth (IAG) and other private investors.
The company intends to use the new funds to both complete by 2019 clinical development conducted in load bearing long bones defects, receive CE Mark, and conduct the pre-clinical development for further applications in other skeleton diseases.
Led by Lorenzo Pradella, Co-founder and CEO, GreenBone Ortho has developed a patented, wood-derived, bone regenerative implant for extensive bone damage in non-loaded and load-bearing skeletal segments such as long bone non-union fractures, spinal damage, trauma and cancer induced bone loss.
Due to its structure and chemical composition, GreenBone is ideal for biomimetic, resorbable and regenerative properties for bone grafting. The implant is expected to provide patients with a new functional bone, increasing their quality of life while reducing healthcare and social costs that are typically high for such patients.
Conceived and developed by a research group at ISTEC-CNR in Faenza (Institute of Science and Technology for Ceramics – National Research Council) led by Dr. Anna Tampieri. it has already received a first patent in USA, EU, China and other countries, with an international PCT patent application pending.
The patent portfolio has been subject of a worldwide exclusive license agreement between GreenBone Ortho srl and CNR.
GreenBone has previously raised €3m in seed funding in 2015 from ZernikeMeta Ventures, Italian Angels for Growth (IAG) and other private Italian and foreign investors.