Onbone, the developer of novel casting technology material, Woodcast, has raised a total of EUR10 million in a financing round led by MVM Life Science Partners, with participation from Finnish Industry Investment, Finnish private investors and existing investor Inveni Capital.
The funding round will be used to finance the international launch of the Woodcast suite of casting and splinting products.
Onbone's innovative technology improves the clinical care of patients whilst reducing cost for hospitals and lowering the environmental impact of current technologies. The product suite is ecological, user-friendly and applicable for all orthopaedic and traumatology uses.
Woodcast is manufactured from wood and biodegradable plastic making it completely non-toxic and a perfectly mouldable and remouldable composite material suitable for all casting and splinting work. It can be used without water or rubber gloves. Patients can be imaged without removing Woodcast, which saves time and expense during patient follow-up. Woodcast has already been launched in several EU territories, with more than 30,000 patients successfully treated. This funding round will enable the business to expand to the wider global market.
As a part of the financing round Stuart Ashman will join the company as CEO. Ashman has a 20 year career in the casting market, being Director of Sales and Marketing at the market leading BSN Medical and more recently President of Andover Medical.
"We are pleased with this support from our new as well as existing investors. Their combined experience and financial backing will enable us to build a top quality international sales and marketing organisation. I feel that this patent protected technology has the features set to achieve a significant share of the cast product market in the big five EU countries and the United States," says Ashman.
