NLC venture Altach secures €1.2 million investment to transform treatments for cartilage injuries

Altach secures €1.2 million investment to transform treatments for cartilage injuries

Dublin, Ireland- Altach Biomedical Ltd, a healthtech venture backed by NLC, has secured €1.2 million of investment to enhance Altach’s efforts to address the urgent need for improved treatments for articular cartilage injuries, which are a major cause of osteoarthritis.

Founded in 2022 and originating from pioneering research at Trinity College Dublin, Altach has developed a novel biomimetic scaffold made from Type II collagen. This technology supports the body’s healing process by mimicking the properties  of native cartilage, encouraging innate cartilage regeneration, offering more effective alternatives to traditional cartilage repair methods.

Tomir Kosowski, the CEO of Altach, emphasises the impact of this technology: “Our technology marks a significant advancement in how we treat articular cartilage injuries. Our scaffolds could reduce recovery times and increase the quality of healing, profoundly improving patients’ daily lives.”

Dr. David Browe, Chief Technology Officer and one of the inventors added: “Over a decade of research and development has already been conducted on the Altach product, taking the technology from initial proof of concept studies to pre-clinical evaluation. We have already met several key development milestones including the recent granting of our US patent, however this funding will now allow us to scale up manufacturing and validate our product in advance of clinical use”.

The need for such innovations is critical with over 600,000 cartilage repair procedures performed annually in the US alone. According to a report conducted by iHealthcareAnalyst, the market for cartilage repair is projected to grow to $5.9 billion by 2031.

The funding round saw participation from a range of investors, such as those from a crowdfunding campaign on Spark Crowdfunding, NLC’s Stepping Stone Fund, Castanjo B.V., and two individual angel investors, signalling strong confidence in Altach’s potential.

“Altach’s scaffolds represent a significant leap forward in the ability to treat cartilage lesions.  This technology reduces the need for invasive surgeries, lowering healthcare costs and improving outcomes for patients. We are excited to support Altach as they progress towards clinical trials and eventual commercialization,” said Jola Danaj, Investment Manager at NLC.

The investment will be used to hit key regulatory and development milestones, bringing the Altach technology closer to market readiness and ultimately benefiting patients suffering from cartilage-related injuries.

About Altach

A spin-out from Trinity College Dublin, Altach are pioneers in the development of regenerative treatments for cartilage damage. Utilising Type II collagen to mimic natural cartilage, Altach’s scaffolds encourage the body’s own cells to initiate repair, promising a future where joint damage can be effectively reversed. Founded with the mission to address one of orthopaedics’ most challenging issues, Altach is driven by innovation and the desire to improve patient outcomes.

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About The Stepping Stone Fund (SSF)

Established at the end of 2020, The Stepping Stone Fund (SSF) is an initiative by NLC to propel the growth of promising healthtech start-ups. With a fund size of €10.8 million, SSF focuses on seeding 40 innovative ventures that are developed and supported under the NLC umbrella. This strategic fund allows investors to engage from the inception of these ventures, offering a unique opportunity to contribute to and benefit from the highest potential of value creation. SSF employs a three-tiered financing approach, enabling continued investment in successful ventures, ensuring robust support through the critical early stages of development.