Estonian MedTech company Nanordica Medical receives €2.4M EIC Accelerator funding and closes €375k oversubscribed investment round

7 February, 2023

Tallinn, February 6, 2023 – Nanordica Medical announced it successfully closed an oversubscribed seed funding round at €375k. The round was led by experienced Estonian health and startup investors: Erki Mölder (Founding Partner of Health Founders and Managing Partner of Verge HeathTech Fund), Heidi Kakko (European Innovation Council IC Member) and Martin Goroško (head of Tallinn Science Park Tehnopol) with the participation of angel investors from Estonia, Germany, Finland, Belgium and Switzerland.

Nanordica Medical is a pioneer in advanced antibacterial nanotechnology preventing and curing topical bacterial infections. The company applied for several international patents and started to develop its first product, an advanced antibacterial wound dressing that cures infected wounds that can not be cured with standard care methods. Following outstanding results from preclinical studies, the company entered a pilot randomized blind clinical trial (n=30) at the largest Estonian hospital, North Estonia Medical Center. The aim of this trial is to investigate the safety and efficacy of wound dressing in patients suffering from infected chronic diabetic foot ulcers. 

Recently, Nanordica Medical received a highly prestigious €2.4M EIC Accelerator grant for ground-breaking EU innovations that enables it to expand the clinical study to 220 patients and conduct conformity assessment to receive the CE marking required to sell the wound dressing in EU countries.

“Our solution provides 8 times more effective infection treatment compared to standard care currently used by the hospitals. Eight times is a huge number in medicine. This means we can cure infected wounds that can not be cured with standard care methods and save around €500 billion costs for hospitals. I am happy to see, how our scientific discovery is transforming into a successful global business. We recently onboarded a new co-founder, top business developer Meelis Kadaja, PhD, MBA, who will lead preparation for commercialization”, stated co-founder and CEO of Nanordica Medical Olesja Bondarenko.

“I am very happy to join Nanordica Medical, firstly, because of the fantastic team, secondly, because of the huge potential and strong feedback of the market and finally, because of the unique opportunity to combine my scientific interest in wound healing and business development experience in biotech with the purpose to help people, who suffer from chronic wounds” – said co-founder and CBO of Nanordica Medical Meelis Kadaja.

Nanordica Medical is a spin-off of the National Institute of Chemical Physics and Biophysics, a member of the UK P4SY Precision Medicine Accelerator and alumni of the Estonian Tehnopol Startup Incubator and Health Founders Accelerator.

The next investment round of Nanordica Medical is planned for Q2 2025, and the team is looking for potential leads experienced in the MedTech sector.

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