We advised the Estonian medtech company, Nanordica Medical, in raising EUR 1.75 million. The round was led by Estonian fund Specialist VC, with participation from Superangel and Amalfi. The investment allows Nanordica to develop and bring to market innovative nanotechnology-based wound care products.
Innovative approach to treating chronic wounds
According to the startup, chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure ulcers affect approximately 100 million people worldwide. Due to the aging population and the prevalence of associated diseases, this number continues to rise. Nanordica Medical has developed a unique technology that combines copper and silver nanoparticles. The resulting wound dressing offers up to eight times more effective bacterial infection control compared to traditional methods. This accelerates wound healing and significantly reduces the number of amputations.
The funds raised will be directed towards obtaining regulatory approval, conducting clinical trials, and bringing Nanordica Medical’s first wound care product, an advanced antibacterial wound dressing, to market.
Application of Nanotechnology
Nanordica Medical was founded in 2019 as a spin-off from the Institute of Chemical and Biological Physics by scientists Olesja Bondarenko, Anna-Liisa Kubo, and Dr. Grigory Vasiliev. In 2023, Meelis Kadaja joined as a co-founder.
The company recently received a EUR 1.6 million applied research grant from Enterprise Estonia (EAS), which will be directed towards product development, along with a smaller grant from the European Regional Development Fund. Last year, the company raised EUR 375,000 from well-known investors to conduct clinical trials for their developing product and to expedite the certification required for market entry.
The company plans to initiate a large-scale clinical trial in the second quarter of 2024, involving 170 patients with diabetic foot ulcers. This will be one of the largest studies of its kind, aiming to include Nanordica Medical’s wound care products in treatment guidelines and reimbursement systems.
Our services and client team
We advised Nanordica Medical on all legal matters related to the investment. Our client team was led by counsel Mirell Prosa, supported by partner Toomas Prangli, counsel Pirkko-Liis Harkmaa, senior associate Olivia Kranich, associates Helery Maidlas, Eva Lennuk, Kadri Puu and assistant lawyer Karl Oskar Pungas.
