Koatum, a Riga-based startup developing hybrid bioactive medical implant coatings, was voted as the winner of Life Sciences Baltics 2016 startup Pitch Challenge by a 8-strong jury today.
Koatum’s method allows creating multiple bioactive layers on one implant, where both isolative and bioactive features are present. As a result, no metal-to-tissue contact is guaranteed, providing for rejection-free faster healing with no complications.
The startup targets small and medium manufacturers of knee, orthopedic or dental implants and promises a 1,5-2x faster healing. It has already carried out clinical trials with animals, dental and ortho patients and has a major EU partner so first test batches to customers will begin soon. The company seeks a 600+800K USD investment in tranches to test their technology further and to carry out small-scale production.
Koatum was awarded with trip to Akron BioMedical Corridor, the International Hub of BioMedical Innovation, to take part at its accelerator, to live, work and develop its business there. A total of 7 companies from Lithuania have already taken part at Akron’s programme.
Second place at the pitch challenge was awarded to Conelum from Latvia developing rapid microbiological diagnostic tests for food and drink industry companies. Their diagnostic products are proven to reduce compulsory microbiological safety tests from more than 24 hours to around 30 minutes without compromising the accuracy of results.
Third place went to Breathcount, a Kaunas-based maker of a personal lung tracker for asthma patients. Their solution consists of a device and an app that monitors patients’ condition and gives recommendations and condition updates via an app.
A total of 10 startups pitched on LSB 2016 stage on Thursday. Other finalists included Violet Cell, Fractom, Fidens, CheeksUp, Aresi Labs, BabyMoon and Antibacterial Silicone. They there selected out of 24 startups that took part in the Startup Programme and Entrepreneurship Masterclasses of the Life Sciences Baltics 2016 forum earlier this week.