1 The EIC Accelerator Project
Overview of the EIC Accelerator Program
The EIC Accelerator is a flagship initiative of the European Innovation Council (EIC) aimed at supporting small and medium-sized enterprises (SMEs), particularly startups, to scale innovative technologies and business models. The program is specifically designed for deep-tech and high-risk ventures that have the potential to significantly impact their industries and contribute to the broader European economy.
Funding Mechanism
The EIC Accelerator provides a dual funding mechanism comprising grants and equity investments.
Purpose of the EIC Accelerator
The EIC Accelerator serves multiple purposes within the European deep-tech and startup ecosystem:
- Innovation Support: It encourages innovative solutions that address pressing societal challenges, thereby enhancing Europe's global competitiveness in technology and innovation.
- Risk Mitigation: By providing funding to high-risk projects, the program helps bridge the gap between research and commercialization, reducing the financial risk that entrepreneurs often face.
- Private Sector Engagement: The program plays a crucial role in helping companies attract additional funding from private investors. By validating innovative ideas through its rigorous selection process, the EIC Accelerator increases the credibility of funded projects, making them more attractive to venture capitalists and other private investors.
Role in Scaling Companies
The EIC Accelerator is instrumental in helping companies scale by providing not only financial support but also strategic guidance and access to a network of investors and experts. This multifaceted approach enables startups to refine their business models, enhance their market readiness, and effectively communicate their value propositions to potential stakeholders.
EIC Accelerator Winner: ASKEL HEALTHCARE OY
Company Overview: ASKEL HEALTHCARE OY, based in Finland, is a pioneering company focused on developing innovative healthcare solutions. Its project, titled RePace, aims to address significant challenges in joint health.
Project Acronym: RePace
Project Description: The RePace project is dedicated to "Rebuilding Joint Surface to Prevent Pain and Immobility." This initiative focuses on the development of advanced technologies that can restore joint functionality and alleviate pain, significantly improving the quality of life for individuals suffering from joint-related conditions.
Technology Basics and Background
The RePace project leverages cutting-edge advancements in biomedical engineering and regenerative medicine. The technology underpinning this initiative is centered around the reconstruction of joint surfaces using biomaterials and tissue engineering techniques.
In conclusion, the EIC Accelerator program, through its funding mechanisms, serves as a vital catalyst for innovation in Europe’s deep-tech landscape. The success of ASKEL HEALTHCARE OY and its RePace project exemplifies the program's role in supporting groundbreaking solutions that address urgent healthcare challenges while fostering scalable business models in the startup ecosystem.
2 The Funding Rounds
Overview of Askel Healthcare Oy
Askel Healthcare Oy, a Finnish medical technology company, has been innovating in the field of knee cartilage repair with its novel COPLA® implant. This implant is designed to address knee pain caused by cartilage damage, offering a biodegradable solution that allows patients to bear full body weight immediately after surgery, thereby reducing recovery time.
Financing Raised
- Recent Funding Round: In May 2023, Askel Healthcare initiated a fundraising campaign to raise up to 5 million euros. This was primarily for financing clinical trials of the COPLA® implant, with shares offered globally through brokers at 8.10 euros per share and a minimum investment requirement of 50 shares.
- EIC Accelerator Funding: While specific details about the amount received from the EIC Accelerator are not provided in the available data, Askel Healthcare did submit a proposal in October 2021 and later succeeded in the Step 3 interview. However, the exact funding amount from this program is not publicly disclosed in the available sources.
Funding Rounds and Timing
- 2023 Funding Campaign: The public phase of the 2023 fundraising campaign began in May and was set to close on June 18, 2023.
- Investor Meeting: An investor meeting was scheduled for May 24, 2023.
- EIC Accelerator Step 2 Proposal: Askel Healthcare submitted its proposal on October 6, 2021, and later won in the Step 3 interview, though the exact timing of the funding disbursement is not detailed in the available information.
Investor Information
- Investor Participation: The 2023 funding round allowed for global participation through brokers, offering between 7.56% and 21.42% equity in the company.
- Crowdfunding Role: Crowdfunding is highlighted as a crucial source of equity funding for Askel Healthcare, given the limited availability of venture capital in Finland for MedTech companies.
Funding or Exit Events
Company Valuations
Sources: - Askel Healthcare to raise 5 million euros for clinical research of its COPLA® -implant
- Askel Healthcare to raise 5 million euros for clinical research of its COPLA®-implant
- Askel Healthcare to raise 5 million euros for clinical research of its COPLA®-implant
- Tallinn's startup Askel.ai raises €380k pre-seed round
- Funding Rounds | High-yield. Self-determined. Transparent
- Askel Healthcare to raise 5 million euros for clinical research of its COPLA®-implant
- Investor news - Askel Healthcare
- EIC Accelerator – 71 companies selected in the most competitive funding round so far
- Askel Healthcare to Present First Clinical Trial Results of Its COPLA® Knee Cartilage Implant
3 The Press Releases
Askel Healthcare Oy, a Finnish medical technology company, has made significant progress and announcements since receiving the EIC Accelerator funding in October 2021. Their focus is on pioneering treatment for knee cartilage defects with their innovative COPLA® Cartilage Implant. Below is a comprehensive summary of their key developments, partnerships, technology advancements, team updates, patents, and press releases based mainly on recent official sources:Technology Advancements and Clinical Trials
- COPLA® Knee Cartilage Implant: Askel Healthcare’s flagship product is the COPLA implant designed to repair focal knee cartilage defects. It aims to simplify and accelerate rehabilitation by enabling patients full weight-bearing immediately after surgery—a distinct advantage over existing treatments.
- Clinical Trial Progress:
- The company has completed a first-in-human Pilot Clinical Trial involving 20 patients across several hospitals including Finnish Mehiläinen Hospital group hospitals (Mehiläinen Helsinki hospital), Terveystalo hospitals in Finland, Hospital Nova of Central Finland as well as Tartu University Hospital in Estonia where the world’s first COPLA implant surgery was performed in January 2023.
- The primary endpoint of safety was successfully met for all initial ten pilot trial patients.
- Preliminary efficacy data are promising; patients achieved significant improvements in knee function and pain reduction within six months post-surgery.
- Patients reportedly started taking nearly 9,000 steps by week six post-operation compared to much slower mobilization with other methods.
- Upcoming Pivotal Trial:
- Preparations are underway for a pivotal randomized clinical trial aiming to demonstrate superiority over current surgical standards.
- Patient recruitment is planned for the first half of 2025.
- This trial will be critical for securing market authorizations both in the US and EU.
Patents and Intellectual Property
- In April 2024, Askel Healthcare announced it had been granted its first patent covering its novel COPLA® cartilage repair technology. This patent was validated as a Unitary Patent covering protection across 17 EU countries plus extended coverage specifically secured for key markets such as the United Kingdom, Spain, and Switzerland—totaling protection across at least twenty European countries.
- Additional patent applications are pending globally including jurisdictions like the United States and China reflecting Askel's ambitions toward broad international intellectual property protection.
Partnerships & Collaborations
- Clinical trials involve multiple prestigious institutions:
- Finnish hospitals under Mehiläinen (Helsinki), Terveystalo groups
- Hospital Nova of Central Finland
- Estonian Tartu University Hospital (performed world's first human implantation)
- Swedish Sahlgrenska University Hospital involved in planning/analysis phases
These collaborations underscore an expanding clinical footprint across Northern Europe.
Team Updates & Strategic Board Appointments
- December 2023 saw notable strategic board appointments intended to bolster global commercialization efforts:
- Mr. Ted Bird appointed Chairman; brings extensive orthopedic sector expertise especially focused on US market commercialization.
- Mr. Patrick Jamnik joined Board bringing experience with US fundraising/commercialization—critical assets as Askel targets expansion beyond Europe into North America.
- Leadership includes founder & CEO Virpi Muhonen actively driving clinical milestones alongside Chief Technology Officer Dr. Anne-Marie Haaparanta who highlighted how patented technology combined with proprietary manufacturing strengthens their competitive position.
Commercialization Plans
- Askel Healthcare aims to commercialize COPLA® implant both in European Union markets and the United States by approximately year-end 2028 following regulatory approvals from ongoing pivotal studies.
- Market demand forecasts point towards growing volumes of cartilage defect repair procedures driven not only by aging populations but also younger adults requiring less invasive yet effective solutions—a trend favoring innovations like COPLA® that speed rehabilitation significantly versus traditional treatments .
Summary Table: Key Information About Askel Healthcare Since EIC Funding
| Category | Details |
|---|---|
| Product | COPLA® Knee Cartilage Implant — enables immediate full weight-bearing after surgery |
| Clinical Trials | First-in-human pilot completed; Pivotal randomized trial planned starting H1/2025 |
| Patent Status | First patent granted April ‘24; Unitary Patent covers EU + UK/Spain/Switzerland extended protections |
| Partnerships | Multiple Finnish hospitals + Estonian & Swedish university hospital collaborations |
| Team Updates | New Chairman Ted Bird & Board member Patrick Jamnik appointed Dec ‘23 |
| Commercial Goals | Market launch targeted by ~2028 in EU + USA |
This information is primarily sourced from official press releases issued on PR Newswire about Askel Healthcare Oy (April-June '24), news updates published directly on askelhealthcare.com/news/, Cision newswire entries related to corporate announcements,, plus media coverage detailing their strategic board appointments, clinical progress, patent achievements, market strategy, alongside industry analysis reports.
Sources Used:
- Askel Healthcare Press Releases via PR Newswire
- Askel Health announces clinical data presentation at Joint Preservation Congress
– News section – askelhealthcare.com
– Patent announcement – askelhealthcare.com
– First human implantation report – askelhealthcare.com
– Strategic board appointments announcement
– Industry insights / Memo article August ’24
– Commercialization plans article March ‘23 Medical Device Network
4 The Technology Advancements
Askel Healthcare Oy, a Finnish medical technology company, specializes in innovative solutions for surgical treatment of knee cartilage defects. Since receiving the EIC Accelerator funding on October 6, 2021, Askel Healthcare has made significant advancements in its core technology and clinical development.Current Capabilities
- The company's flagship product is the COPLA® Cartilage implant, a biodegradable surgical implant designed to repair knee cartilage damage and accelerate rehabilitation.
- The COPLA® implant enables immediate full weight-bearing after surgery, which is expected to speed up recovery and promote effective cartilage healing.
Advancements Since EIC Funding (Post-October 2021)
- Clinical Trials: Starting early 2023, Askel Healthcare initiated clinical trials treating patients with knee cartilage defects using the COPLA® implant. These trials involve three Finnish hospitals (Mehiläinen, Terveystalo, Hospital Nova of Central Finland), one Estonian hospital (Tartu University Hospital), and collaboration with Sweden’s Sahlgrenska University Hospital for trial planning and data analysis.
- The first human surgery using the COPLA® implant took place in January 2023 at Tartu University Hospital as part of this pilot trial.
Technology Improvements & New Features
- In April 2024, Askel Healthcare was granted its first patent for its innovative knee cartilage repair technology underlying the COPLA® implant. This patent covers key European markets through a Unitary Patent system (covering 17 EU countries) plus UK, Spain, Switzerland—totaling protection in about 20 European countries.
- Additional patent applications are pending in major markets such as the United States and China.
Market Demonstrations and Clinical Validation
- The ongoing clinical pilot trial evaluates both effectiveness and safety of the COPLA® implant.
- Plans are underway for a larger pivotal randomized controlled trial starting patient recruitment in H1/2025. This pivotal study aims to demonstrate superiority over current standard treatments to secure regulatory approvals like CE mark (EU) and FDA clearance (US).
Publications & Scientific Dissemination
Summary Table
| Aspect | Details |
|---|---|
| Core Product | COPLA® biodegradable knee cartilage repair implant |
| Clinical Trials | Pilot started Jan 2023; multi-center including Finland & Estonia; pivotal planned H1/25 |
| Regulatory Goal | CE-mark & FDA clearance targeted by ~2028 |
| Patent Status | First patent granted April 2024 covering ~20 EU countries + UK/Spain/Switzerland |
| Technology Improvements | Secured broad patent protection; improved manufacturing capability |
| Market Demonstrations | Clinical use commenced with patients under pilot trials |
| Scientific Communication | Upcoming presentation of initial results at June 2024 Joint Preservation Congress |
In conclusion, since receiving EIC Accelerator funding in October 2021, Askel Healthcare has advanced from development into active clinical validation phase with their patented COPLA® Cartilage implant. They have conducted initial human surgeries within ongoing trials across multiple hospitals while securing broad intellectual property protection. Preparations are progressing toward larger pivotal studies needed for regulatory approval aiming commercialization by around year 2028 across US and EU markets.
Sources:
- Askel Healthcare official site
- PR Newswire - Milestone towards marketing authorization
- Cision news on milestone
- Patent announcement April 12th ,...
- Press release on presenting first trial results June '24
- Medical Device Network article Mar '23
- First human testing article Mar '23
- Clinical Trial Partners: Askel Healthcare is conducting clinical trials for its COPLA® biodegradable implant at multiple hospitals:
- Three Finnish hospitals: Mehiläinen, Terveystalo, and Hospital Nova of Central Finland
- One Estonian hospital: Tartu University Hospital
- Swedish Sahlgrenska University Hospital in Mölndal is involved in planning and analyzing trial data.
- Clinical Advisory Board (CAB): The company has formed a prestigious Clinical Advisory Board composed of internationally recognized orthopedic surgeons and sports medicine specialists. This board includes:
- Chair: Professor Mats Brittberg (Sweden), an esteemed expert in knee cartilage repair
- Other prominent experts such as MD Teemu Paatela among others.
- Board of Directors Enhancements: In December 2023, Askel Healthcare strengthened its board with strategic appointments aimed at advancing U.S. commercialization:
- Ted Bird appointed as Chairman
- Patrick Jamnik joined the board
- The clinical trial collaborations are critical for gathering safety and efficacy data to achieve regulatory approvals such as CE marking in Europe and FDA clearance in the USA by around 2028–2030.
- The Clinical Advisory Board provides high-level clinical guidance to accelerate research validation, optimize implant usage protocols, assist with trial design/analysis, support regulatory submissions, and facilitate broad adoption among surgeons worldwide.
- Strategic board appointments enhance Askel’s governance with specialists skilled at navigating large markets like the USA—key for scaling operations globally.
- Collaborations with world-renowned clinicians ensure continuous refinement based on real-world surgical feedback accelerating product maturity.
- Clinical trials across multiple countries generate robust data essential for regulatory clearance facilitating wider commercial launch.
- Strengthened intellectual property protection backed by key patents covering over 20 European countries safeguards technological innovation during scale-up.
- Experienced leadership focused on US commercialization will help secure capital investment (such as ongoing €20 million Series A round) necessary for expanding manufacturing capabilities and marketing reach.
- Key Appointments (2023):
- Ted Bird: Appointed Chairman of the Board in December 2023, bringing 40+ years of orthopedic industry experience to drive U.S. market expansion.
- Patrick Jamnik: Joined the Board as an independent member, leveraging his background in Stryker and Zimmer-Biomet to accelerate commercialization.
- Clinical Advisory Board (CAB): Added globally recognized experts like Dr. Mats Brittberg (cartilage repair pioneer) and Dr. Emmanuel Papakostas (sports medicine specialist from Aspetar Hospital).
- Strategic Focus: The new CAB aims to guide clinical research for COPLA®'s market authorization, while board appointees emphasize fundraising and U.S. regulatory pathways. These hires align with Askel’s €5 million fundraising campaign for clinical trials announced in May 2023.
- Growth Drivers: Recent team expansions target scaling operations through:
- Askel Healthcare Ltd Announces Strategic Board Appointments
- The Board and Management Team
- Clinical Advisory Board Announcement
5 The Partnerships and Customers
ASKEL HEALTHCARE OY, a Finnish medical technology company specializing in innovative knee cartilage repair solutions, has established significant partnerships and collaborations that position it strongly in the orthopedic market and support its technology advancement and scaling efforts.Key Partnerships and Customers
Nature of New Relationships
Market Positioning
These relationships collectively position ASKEL HEALTHCARE OY as a credible innovator preparing for international market penetration. The involvement of leading European hospitals along with top-tier clinical experts lends strong credibility to their COPLA® implant technology. Their targeted approach towards both EU and US markets aligns them well to become a global standard for surgical knee cartilage repair.
Impact on Technology Advancements & Scaling
In summary:
| Aspect | Details |
|---|---|
| Partners/Customers | Finnish hospitals (Mehiläinen etc.), Estonian hospital (Tartu UH), Swedish Sahlgrenska UH; Global orthopedics experts CAB; Strategic new Board members |
| New Relationships Purpose | Conduct pivotal trials; clinical validation & advisory; strengthen US-focused commercialization |
| Market Positioning | Credible player poised to become global standard in knee cartilage surgery implants |
| Technology & Scaling Benefits | Accelerated product development via expert input; robust clinical evidence generation; IP protection enabling expansion; improved fundraising/governance targeting US/EU markets |
These strategic partnerships directly contribute to advancing ASKEL HEALTHCARE’s innovative COPLA® implant from clinical development through successful market authorization towards becoming widely adopted globally by improving patient outcomes after cartilage injury.
Sources used:
6 The Hiring and Company Growth
Askel Healthcare's Team Expansion and Growth Post-EIC Accelerator Funding Following its EIC Accelerator win in October 2021, Askel Healthcare has strategically strengthened its leadership and clinical advisory teams to advance its COPLA® cartilage implant development. While specific headcount figures remain undisclosed, recent appointments highlight a focus on global commercialization and clinical expertise:No public data confirms current hiring activity or exact team size growth since 2021, but leadership changes reflect prioritization of scaling capabilities post-EIC funding.
Sources Used:
7 The Media Features and Publications
Overview of Askel Healthcare Oy
Askel Healthcare Oy is a Finnish medical technology company focused on transforming the treatment and recovery of surgical knee cartilage defects. Since receiving the EIC Accelerator funding in October 2021, the company has made significant strides in developing its innovative COPLA® knee cartilage implant.
Media Features and Publications
Askel Healthcare has been featured in several media outlets and publications due to its pioneering work in knee cartilage repair. Notably, the company presented its first clinical trial results for the COPLA® implant at the 9th Joint Preservation Congress in Warsaw in June 2024. This event highlighted the safety and promising preliminary efficacy of the implant.
Content from Publications
Publications have emphasized Askel Healthcare's commitment to revolutionizing knee cartilage treatment with the COPLA® implant. The COPLA® is a biodegradable solution designed to enhance recovery and reduce knee pain, enabling patients to return to active lives sooner. The company's focus on collaboration with renowned orthopedic surgeons and sports medicine specialists has been key in advancing its clinical development.
Podcasts and Interviews
There are no specific mentions of podcasts or interviews featuring Askel Healthcare's team in the provided sources. However, the company engages actively with media through its communication team, led by CEO Virpi Muhonen.
Conferences and Fair Visits
Askel Healthcare participated in the 9th Joint Preservation Congress in Warsaw, where it presented the first clinical trial results of its COPLA® implant. This event marked a significant milestone in the company's clinical development and commercialization strategy.
Involvement in Events
Askel Healthcare is involved in various clinical trials and fundraising activities. The company is preparing for a pivotal trial to demonstrate the superiority of COPLA® over current treatments, with patient recruitment scheduled for the first half of 2025. Additionally, Askel Healthcare has organized investor events to support its ongoing clinical studies, such as a fundraising campaign in May 2023.
Sources:
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