Development Fund invests in biotechnology firm

Development Fund invests circa 5,5 million EEK in Estonian firm Cellin Technologies OÜ which develops stem cell cultivation technology.

Cellin Technologies OÜ has developed a quickened technology for cultivating tissue preparations suitable for medical treatment from human tissue or bone marrow. As the list of stem cells prodecures used in medicine is quite short, firm also sees as important market the cosmetic medicine (e.g. smoothing the facial skin) and regenerative medicine (e.g. restoration of joint cartilage).

Some possible partners have already shown interest in Cellin Technologies OÜ. Among other effeciencies they see good prespective in bringing into Estonia the validity clients from vicinal states and hence promoting so called health care tourism.

Cellin Technologies OÜ belongs to the campus of Tallinn University of Technology. The main stakeholeders have so far been through researh and development center Protobios OÜ estonian scientists Dr. Kaia Palm and Prof. Toomas Neuman.

Through investment more than third of the firm will be owned by Development Fund and co-investor, an enterprise connected to business angel Sirli Sipp Kulli. Development Fund used the same co-investor in the deal with BiotaP OÜ.

Estonian Development Fund has been established by Riigikogu (Parliament) for orginising foresight projects and for investing in innovative ambitious Estonian technology enterprises. For livening the local venture capital market a private investor/s are always included under same conditions as Development Fund’s own investment. Also in Development Fund the international business incubator SeedBooster is acting for developing ambitious business models to increase their readyness for investments and market potential.

Additional information:

Indrek Kelder, Investments expert, Estonian Development Fund tel +372 6161 083