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Home | News |Evonik invests in a start-up medical technology company
Evonik invests in a start-up medical technology company
Updated: 2016-01-25 13:14 Source: Market Report Company share:

Evonik Industries has invested in the start-up company SYNOSTE Oy via its venture capital arm and now holds a minority share in the medical technology company based in Dusseldorf (Germany) and Helsinki (Finland), as per the company's press release.

The investment was made as part of a series A round, together with High-Tech Grunderfonds, two Finnish venture capital funds Finnvera and Lifeline Ventures as well as Finnish business angels. The overall volume of the financing round lies in the single-digit million euro range.

SYNOSTE Oy, founded in 2012, is a spin-off of the Aalto University in Espoo (Finland). Together with Orton, a hospital specialized in orthopedics and located in Helsinki, SYNOSTE developed a high-tech implant for a minimally invasive treatment of leg length discrepancy, which can lead to chronic back pain and osteoarthritis in the long term.

"Medical technology is one of the strategic growth fields of Evonik," says Bernhard Mohr, head of Venture Capital at Evonik. "At the same time, we have outstanding materials competence in high performance polymers, which makes SYNOSTE an excellent fit for Evonik."

The start-up is expected to launch the implant on the market in 2017 with the name NitinailTM. Currently, the product is heading to the CE approval procedure that is a prerequisite for the sale of medical technology applications in Europe.

VESTAKEEP PEEK, a high performance polymer from Evonik, will also be used in the implant. Due to its excellent mechanical properties and biocompatibility, VESTAKEEP PEEK is well established in implant, dental and medical technologies.

"By investing in SYNOSTE we hope to open up a new, extremely innovative application for VESTAKEEP PEEK and enhance our business and expertise in the field of medical technology," says Matthias Kottenhahn, who heads the High Performance Polymers Business Line at Evonik. SYNOSTE’s implant technology does not just offer potential in leg-lengthening, but also for deformities in arms, fingers and toes as well as spine and craniomaxillofacial surgery.

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