Start-up GreenBone closes a EUR10m Series B round
GreenBone Ortho SpA, a specialist in the field of bone regeneration, has completed a EUR10 million Series B investment round led by existing shareholders – 3B Future Health Fund, Innogest SGR, Meta Group, CDP Venture Capital Sgr, Italian Angels for Growth and other private investors.
The company has now raised EUR22 million equity investments since its inception in 2015 in Faenza, Italy.
Millions of people worldwide have bone repair surgery to treat bone loss resulting from trauma, cancer or bone degenerative conditions. Bone replacement use bone transplant (the best option today) or bone grafts (ceramic, polymer and metal alloys), but particularly for larger bone replacements medical professionals are grappling with the limitations of existing solutions. GreenBone researchers identify a nature inspired solution to develop a new generation bone graft designed to meet the highest standards in tissue engineered performance. GreenBone uses a proprietary 3D scaffold made of natural wood-derived materials, to achieve an optimum microenvironment capable of driving inductive bone performance. This off-the-shelf highly porous graft has an optimal biomaterial surface area of resorbable nano-crystalline hydroxyapatite and beta-tricalcium phosphate plus magnesium and strontium ions to mimic natural bone chemistry, morphology and 3D architecture.
GreenBone has shown the ability to actively drive a de novo bone mineralisation response at ectopic site, a yardstick measure for the best grafts like orthobiologics. The ability of a cell-free, growth factor free graft like GreenBone to elicit the same response as these products provides an exciting glimpse into the potential for this highly engineered tissue scaffold. Two international clinical studies are ongoing to treat large bone defects. CE-mark has been granted in December 2019 for a portfolio of solutions to serve a variety of orthopaedic surgical needs including large segmental bone defects.
The new funding will be intended to expand the clinical use of the product also through new developments in further indications for use such as spinal and maxillofacial surgery. The funds will also be used for the construction of a new production line and for the market launch of the approved product.
The new board of directors comprises the Chairman Claudio Giuliano (partner of Innogest SGR, previously in Carlyle Group, Bain&Co), the CEO Lorenzo Pradella (previously in Zambon SpA, Cardinal Health Ltd and Zcube srl), Roberto De Ponti (partner at 3B Future Health Fund), Francesco Granata (partner at 3B Future Health Fund, with more than 35 years’ experience in biopharmaceuticals, private equity, venture capital and board management), Francesca Natali (Fund Managing Director Meta Group, Board Member in different start-ups).
“Thanks to this additional financing and the precious support of our investors, we now have the opportunity to complete the development of our product also towards further indications for use. This will allow us to accelerate production improvement and market entry of our innovative 3D regenerative scaffold. Our objective is to bring a significant improvement in the quality of life to patients suffering from severe damage to the skeletal system," says Lorenzo Pradella.
“After the first investment in 2017, 3B Future Health Fund renovates its commitment in this innovative, easy-to use bio-inspired solution designed to help repair severe bone diseases. This is one of a series of early-stage investments made by 3B Future Health Fund, which is incorporated in Luxembourg and is fully owned by Helsinn Group” said Riccardo Braglia, Chairman of 3B FUTURE Health Fund SA, SICAR.
“We are happy to continue to support Greenbone after having led the Seed and Series A Rounds together with META Ventures and other important private investors. We are fully dedicated to the clinical and economical success of this venture,” says Michele Marzola, Italian Angels for Growth member and Champion in this investment.