This week sees Finnish biotech growth company Linio Biotech raise €4.2 million, bringing its funding to over €9 million.
Spun out from the University of Tampere by its founding partners Timo Ylikomi, professor of cell biology, and cell biologist and researcher Riina Uusmies, the company has developed an injectable tissue product called Tience® (from the words tissue science).
It helps skin naturally regenerate itself by accelerating its natural healing process and can be used to repair various skin defects, such as signs of ageing or unwanted visible scars.
Doctors and nurses currently perform Tience® treatments in 14 clinics. The first clinic in Sweden has just started offering treatments.
The new funding will help Linio Biotech to expand the availability of its Tience® product and treatments.
In the spring of 2023, Linio Biotech received a grant of almost one million euros from Business Finland for product development.
Linio Biotech's CEO and partner Karita Reijonsaari shared:
"We have received very promising results with Tience®. With the new funding, we can develop our innovation further and continue commercialisation towards international markets.
The first phase of the investment round was closed for the company to maintain its ambitious roadmap regardless of the challenging situation in the investment climate."
Linio Biotech has reserved the opportunity to bring further investors into this funding round until next spring.
In addition to the previous family offices and private investors, Linio Biotech's investors now include new Finnish private investors and doctors familiar with the industry.
Funders include Takoa Growth Oy, who was also involved in Linio's first funding round.
New investor, plastic surgeon, and surgery specialist doctor Hilkka Peltoniemi shared:
"I've been following Linio Biotech's journey closely for two years now, and it's inspiring to join the internationalisation of the excellent Tience® innovation. I have worked with fat and fat stem cells for a long time, and I'm familiar with their power of regeneration."
Lead image: Linio Biotech. Photo: Uncredited.