GreenBone Ortho srl is a medtech startup founded in 2014 by a world-class team with a record in developing advanced orthopaedic products from bench to market. Based in Faenza (Italy), they have developed and patented Greenbone - bone implants derived from wood.
GreenBone's structure and chemical composition makes it ideal for bone grafting for a range of injuries and illnesses, from severe fractures and spinal damage through to cancer-induced bone loss.. The implant helps regenerate the patient's damaged bone while supporting the patient's weight, dramatically increasing their quality of life while reducing healthcare and social costs - typically high for such patients.
Greenbone compared to alternative treatments,
A Patented Healthcare Spinoff
The idea was conceived and developed by a research group at the Institute of Science and Technology for Ceramics in Faenza (ISTEC-CNR), led by Dr. Anna Tampieri.
A first patent has already been granted in USA, EU, China and other countries, with an international PCT patent application pending. The patent portfolio is the subject of a worldwide exclusive license agreement between GreenBone Ortho srl and CNR.
META Investment: seeding future growth
GreenBone closed a first seed round of investments for 3 million Euro from Meta Ventures, Italian Angels for Growth (IAG) and some private Italian and foreign investors in 2015, allowing the company to successfully complete a major pre-clinical study at a hospital in Assaf Harofeh (Israel) in collaboration with the Istituto Ortopedico Rizzoli of Bologna.
This led to second round of investment of 8,4 million euros in June 2017 - the second largest in Italy that year - to finance the completion of clinical studies in load-bearing long bones defects by 2019, obtain the CE marking for Greenbone products, and conduct pre-clinical development for further applications.
The investment was led by Helsinn Investment Fund SA, a fund focused on early-stage investments in areas of high unmet patient need, and Invitalia Ventures. Innogest also took part, along with reinvestment from Italian Angels for Growth (IAG), the founders, and other private Italian and foreign investors.