Imperial startup OSSTEC has raised £1.2 million to take its system of smart bone implants into clinical trials
SFC Capital and OION have led a £1.2m seed investment round into OSSTEC
OSSTEC aims to take its system of smart bone implants into clinical trials
Round supported by Science Angel Syndicate, Parkwalk Advisors, Embryo Ventures and Imperial Enterprise Lab
London, 30 March 2023 – OSSTEC has raised a £1.2m seed round led by SFC Capital and OION, supported by Science Angel Syndicate, Parkwalk Advisors, Embryo Ventures and Imperial Enterprise Lab.
Not all knee replacements are equal. For an elderly patient, the goal tends to be pain reduction and restoration of mobility, while for patients under 65 the emphasis is on a return to active life. Providing these younger patients with implants that perform well and last longer is the goal of Imperial startup OSSTEC, which has just closed a £1.2 million funding round. It is increasingly common for people under the age of 65 to have knee replacement surgery, rather than wait for the damage to become more severe in later life. But this changes the demands placed on the implants.
“A younger patient has about a 35% chance of implant failure during their lifetime, and the leading cause of failure is loss of fixation between the bone and the implant,” says Dr Max Munford, co-founder and Chief Executive of OSSTEC. “New technologies mean we can do much more for younger patients and provide a much more innovative solution than the existing, solid metal implants, and that is what we are doing here at OSSTEC.”
The funding round that closed this week includes a contribution from the Imperial College Enterprise Fund, which invests in early-stage scientific and technology companies as they spin-out of Imperial.
“What grabbed my attention as an investor is that OSSTEC not only has an advanced technological solution, but also a credible plan to build a company around it and realise the innovation all the way from the 3D-printer to the operating theatre,” says Dr James Groves, the fund’s Investment Manager.
Living materials
Part of the problem with solid implants is that they do not behave in the same way as bone, which is a porous, living material that reacts dynamically to the strains placed upon it. Solid implants stifle bone’s natural healing response to damage, leading to problems over time.
“Rather than using solid materials, which are fairly alien in the body, we are using 3D printing technology to make titanium structures that replicate how bone naturally works,” Dr Munford says. “We are emulating how bone naturally heals itself, how bone naturally grows, and how it is maintained in the long-term.”
Being porous also means a better bond can be created between the implant and the bone. “Just like a tree grows roots into the ground, bone grows roots into the implant, so rather than relying on cements to fix an implant to the bone, you have a biologic fixation.”
The technology that OSSTEC is developing is based on research carried out in the Department of Mechanical Engineering on both the material’s structure and how it might be turned into implants using 3D printing. This is a technique that lays down thin layers of a material in a precise pattern, gradually building them up to produce an object.
“The design of the material structure is innovative, but the big step is how we turn that into a software platform to tell the 3D printer what to do,” he says.
Looking forward to surgery
Work is currently underway preparing for the first use of the implants in patients. “We have animal data to show that the structure works, that it heals bone better than conventional implants, and stimulates bone in-growth. And we have human cadaveric data to show that the transition from animal model to humans would hold.”
The next step is to refine the prototype implants and make sure they can handle the different loads and stresses that they will experience once fitted. “Now we are pulling all of our research from the past eight years into the real world,” Dr Munford says. The present funding round, together with an Innovate UK grant that OSSTEC received in 2022, will allow the company to carry out the regulatory testing and development needed to begin clinical studies.
An important part of this process is talking to the medical profession about the potential of these new implants. “Listening to surgeons, being aware of what they need, and getting them involved in the process is absolutely crucial,” says Dr Munford. “Having surgeons that champion our technology translates into demand and will attract the attention of potential commercial partners.”
Dr Johnathan Matlock CChem, Co-founder Science Angel Syndicate said: “We were impressed from the outset with Max’s entrepreneurial drive and ambition. His desire to see the translational of this research into a product with real-world clinical benefits to patients is clear. We were particularly impressed with their animal data demonstrating efficacy of their approach and we are delighted to have invested in the company as it moves into the clinic.”
*Risk disclaimer: Investment in early-stage companies involves risks such as illiquidity, lack of dividends, loss of investment and dilution. For professional investors only.
Public relations enquiries
Dr Johnathan Matlock, Director
johnathan@scienceangelsyndicate.com
About Science Angel Syndicate
Science Angel Syndicate was founded in 2021 with a mission to source world-class scientific discoveries, provide unique scientific due diligence and help our members to identify exceptional investment opportunities that tackle the most important global challenges. Our collective knowledge helps our members invest in the most exciting companies of tomorrow, founded by leading scientists at the forefront of their fields.
Learn more about Science Angel Syndicate: www.scienceangelsyndicate.com
About OSSTEC
OSSTEC's aims to empower people to be the best they can be. We are developing leading technology from the lab to the operating room to improve patient care. Our additive manufactured bone healing platform technology will change orthopaedics, helping to keep patients healthy, active and enjoying life.
Learn more about OSSTEC: https://www.osstec.uk/
