MVM Life Science Partners has led a 10 million euros funding round in Onbone, which develops casting technology materials from wood and biodegradable material. Finnish Industry Investment participated in the funding, along with Finnish private investors and existing investor Inveni Capital. The funding will be used to finance the international launch of Onbone’s casting and splinting products.
Onbone Ltd, the developer of novel casting technology material, Woodcast®, has raised a total of €10 million in a financing round led by MVM Life Science Partners, with participation from Finnish Industry Investment, Finnish private investors and the 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 >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. Stuart 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,” comments Stuart.
“MVM is excited to bring new CEO Stuart Ashman, a senior executive in the casting and splinting market to the business. We believe Onbone’s novel technology can revolutionise fracture/injury management, improving patient outcomes in a cost efficient manner,” said Bali Muralidhar, M.D., Ph.D., partner at MVM who will join the Onbone Board of Directors.
“We look forward to supporting the business with Finnish Industry Investment and Inveni Capital to make it a global success and expect to announce further hires to the senior management team over the coming quarters.”
Onbone Ltd is a Finnish innovative company working on the field of medical technology. The company develops and markets innovative and user-friendly Woodcast products for orthopaedic and traumatology use. Onbone Ltd has eleven employees and the products are sold in Finland, Germany, Sweden, Holland and Great Britain. http://www.woodcast.net
MVM Life Science Partners LLP is a premier global healthcare venture capital firm that has been investing in emerging healthcare companies since 1998. Its team of executives is located in London and Boston. http://www.mvm.com
Inveni Capital – established in 2007 – is a life science focused venture capital firm offering entrepreneurial venture capital to life science companies in Northern and Central Europe. Inveni invests in early to growth stage pharmaceutical development and medical technology companies. http://www.invenicapital.com
Finnish Industry Investment Ltd is a government-owned investment company that promotes Finnish business, employment and economic growth through venture capital and private equity investments. The investments of Finnish Industry Investment amount to 900 million euros. http://www.industryinvestment.com