Ossiform EIS

Last £750k. Co-invest with West Hill Capital investors: pre-revenue MedTech company with proprietary technology to 3D print natural, patient-specific bone implants

Bone tissue reconstruction is required by millions of patients every year suffering from congenital defects and disease, or following accidents. However, conventional bone replacement methods often result in high rates of complications, severe patient side effects and poor functional and aesthetic outcomes. 

Current surgical options for patients include synthetic implants made from titanium or plastic, donor bone grafts, or a bone fragment harvested from the patient’s own body. However, these implants tend to have high treatment costs, require repeat surgery and carry risks of infection and rejection. 

To help improve patient outcomes, Ossiform Limited (“Ossiform” or “the Company”) is developing proprietary 3D printing technology to produce natural, patient-specific bone implants that can resorb (break down and assimilate with the components of) adjacent living bone. The Company aims to reduce complications and achieve faster recoveries – not guaranteed.

Currently pre-revenue, the Company is forecasting £27.1 million annual revenue and EBITDA of £15.7 million for FY27, subject to achieving its plan and milestones, which include medical device regulatory approval and successful human trials – high risk and not guaranteed.

The Company is now looking to raise £7 million under EIS at £3 per Ordinary Share. This private offer is being arranged by West Hill Capital, which has informed us c.£6.25million of the £7 million has already been committed by existing and new investors in the first week of launch.

Wealth Club has a £750k allocation for two weeks only – applications accepted on a strictly first-come first-served basis. Given the current level of interest, this offer may close soon.

The minimum investment is £21,000 for 7,000 shares (usually £50,000 through West Hill). Based on the Company’s forecasts, the target return for investors is 9.6x (57% IRR) in five years, before EIS tax relief – high risk and not guaranteed. 

Important: The information on this website is for experienced investors. It is not a personal recommendation to invest. If you’re unsure, please seek advice. Investments are for the long term. They are high risk and illiquid and can fall as well as rise in value: you could lose all the money you invest.

Read important documents and then apply

The deal at a glance

Type Single company EIS-qualifying private offer
Stage Pre-revenue early stage
Date founded 2017
Funding to date £4.2 million: £3.8 million equity from private investors, £0.4 million grant
Sector MedTech
Pre-money valuation £24.5 million
Post-money valuation £31.5 million (£32.8 million fully diluted after warrants)
Market size US$6.2 billion per annum
Business model B2B
Revenue to date Pre-revenue (see Financial Forecasts Overview download for details)
Revenue model Product sales through distributors
Profitability forecast from* 2026
Forecast revenue by FY27* £27.1 million
Forecast EBITDA by FY27* £15.7 million
Target return in 2027 (5 years)* 9.6x
Target IRR (5 years)* 57%
*These are forecast and not guaranteed. Capital is at risk – you could lose the amount you invest.

Learn more: watch video from Ossiform



  • Next-generation patient-specific 3D printed bone implants
  • Proprietary and IP protected technology
  • Large, global market
  • Forecasting £27.1 million annual revenue and EBITDA of £15.7 million for FY27 – not guaranteed
  • Target returns of 9.6x – based on Company’s forecasts and not guaranteed
  • Pre-revenue single company deal with no diversification, high risk
  • Minimum investment £21,000 (7,000 Ordinary Shares at £3.00 per share)
  • Applications processed on a first-come, first-served basis
  • You can apply online – please note, you will also need to become an “elective professional client” of West Hill before your investment is accepted 

The overview provided on this website is based on the information available in the Private Placement Memorandum ("PPM") prepared by the Company in conjunction with West Hill Capital and information provided by the management team and/or West Hill Capital. Wealth Club has not reviewed, verified or audited this information. Please read the offer documents carefully to form your own view and ensure you wholly understand the potential benefits and risks.

Ossiform EIS.pngWhat does Ossiform do?

The Company’s 3D printing technology enables the manufacture of natural, personalised bone implants, based on a human patient’s CT/MRI scan. The Company believes 3D printing secures an exact patient fit, helping bring about faster recovery and fewer complications. The implant is also resorbable, meaning it facilitates the natural forming of new bone around the implant.

The implants are forecast to be lower-cost than conventional methodologies – for example, around 30% lower in total treatment costs than titanium implants – not guaranteed. In the longer term, there is also the potential to release pharmaceuticals such as antibiotics, growth factors and chemotherapy directly from the implant – not guaranteed. 

Ossiform’s 3D natural bone implants have to date been trialled in mice and pigs with positive results – human trials have not yet been undertaken, but are due to start in Q3 2023, not guaranteed.

Subject to successful trials and regulatory approval, implants suitable for humans are forecast to be sold first in the USA from 2024, then in Europe – high risk, early stage and not guaranteed.

See PPM for details.

The Company

Ossiform was incorporated as an English private company in 2019 and acquired the entire issued capital of Danish MedTech Ossiform ApS (“Ossiform DK”) in May 2020. 

The Company operates in the UK via Ossiform Limited and in Denmark via Ossiform ApS. It currently has c.11 employees, supported by external consultants. At present, the Company has production facilities in Denmark and an office in London. It has recently won several awards. 

See PPM for further details.

Go-to-market strategy

More than three million bone implants are inserted globally each year. The value of the total bone implant and autografts market is estimated at US$6.2 billion.

Products are intended to be sold via distributors initially in the USA market. First sales are expected in 2024, subject to key milestones being achieved – not guaranteed.

Version 1, P3D Bone 1.0 (a bone void filler, customisable in size) is anticipated to validate materials and technologies and accelerate the pathway towards FDA clearance. Fully patient-specific version P3D Bone 2.0 are expected to be launched thereafter, subject to FDA clearance and successful clinical trials. 

Ossiform anticipates obtaining market share in a short space of time through its collaboration with world-leading medical device organisations, global R&D institutions and key medical opinion leaders – not guaranteed.

The Company is already collaborating with North American Science Associates (“NAMSA”), a leading medical device contract research organisation, and has met with key industry players such as Johnson & Johnson, 3D Systems, Zimmer Biomet, Materialise and Envista to discuss potential future partnerships.

In addition to the core healthcare market opportunity, Ossiform’s IP and technology could also be licensed for potential uses in non-medical industries – not guaranteed.

See PPM for details.

Private offer

The Company is seeking to raise £7 million at £3 per Ordinary Share – the private offer is being arranged by West Hill Capital. Wealth Club has an allocation of £750k for two weeks, strictly first-come first-served. All investors in this round are investing in Ordinary Shares.

The Company obtained clearance from HMRC in May 2022 that the Company is EIS qualifying. The Company previously issued EIS3 certificates to Investors in the West Hill Capital round in May 2020. HMRC also confirmed that the Company is a Knowledge-Intensive company.

How is the funding intended to be used?

The capital raised in this round is expected to fund the following:

  • FDA approval and launch of the initial version implant P3D Bone 1.0 in the USA
  • First-in-human clinical study
  • Clean room production for P3D Bone 2.0
  • Key Opinion Leader collaboration
  • Extension of IP protection

See the PPM for details.


To date, Ossiform has been funded by:

  • £0.6 million from PreSeed Ventures and private investors in 2018 at a post-money valuation of c.£1.8 million
  • £3.2 million from a West Hill Capital round from private investors in May 2020 at a post-money valuation of £8.7 million
  • £0.4 million in grants and awards 

The Company is currently pre-revenue, forecasting £0.1 million revenue for the year ending December 2022.

Predicated on successful clinical trials and regulatory approval, the Company forecasts £0.4 million of sales in 2023 growing to sales of £27.1 million in 2027. It expects to reach profitability in 2026 and generate EBITDA of £15.7 million by 2027 – high risk and forecasts are not guaranteed. 


The Company considers £7 million in this Series B round should provide sufficient funding for the next 12 months. Thereafter, a c.£5 million Series C is intended in 2023 to allow the Company to continue commercialisation and deliver its longer-term plan – not guaranteed.

For further information, please download the Financial Forecasts Overview and the PPM.

Exit and returns

The strategy for the Company is to realise value for shareholders via a partial exit strategy, based on the differentiated usability of the P3D Bone, to key players in the bone implant market, namely orthopaedic, oral/dental, craniomaxillofacial, cosmetic and spine – not guaranteed. 

An EV/EBITDA multiple of 20.3x – a median multiple for the medical device industry, according to Morningstar research – has been used to calculate implied equity values for the Company based on the Company’s illustrative financial projections, giving a target return of 9.6x – high risk and not guaranteed.

Board and Management 

Thea Wulff Olesen, Chief Executive Officer, has held leadership roles in multiple life science companies prior to joining Ossiform in 2019. As CEO of BioPorto, she took the company from a small early-stage development company to a listed company selling diagnostic products worldwide.

Martin Bonde Jensen, Chief Technology Officer and Co-founder, has experience in the development of additive manufacturing processes for medical devices and patient specific implants. In 2018, Martin was named a Forbes 30 Under 30 Europe talent for his early work on Ossiform’s technology.

Casper Slots, Chief Commercial Officer and Co-founder, has held the role as CCO at Ossiform since 2019. He has research experience in materials science and development, tissue engineering and drug delivery, all in the fields of 3D printing. He is a registered nurse with extensive clinical experience.

The team will be supported by an experienced board of Non-Executive Directors:

  • Chair of the Board, Mette-Marie Harild, previously Regional Vice President in the EMEA division of Medtronic, one of the world’s leading medical device companies; also held leadership positions with Johnson & Johnson
  • Martin Lavesen, Managing Partner of DLA Piper Denmark Law Firm specialising in IP rights
  • Henrik Busch-Larsen, CEO of Algiecel, a GreenTech business

For further information on management, board and advisors, see the PPM.

Risks – important 

This is a single-company offer with no diversification. It involves investing in an early-stage, pre-revenue business, which is by nature high-risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose the amount you invest.

Note, too, the business is not yet at a human clinical trial stage.

Like all investments available through Wealth Club, it is only for experienced investors happy to make their own investment decisions without advice.

There is no ready market for unlisted EIS shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment. 

Exits are likely to take considerably longer than the three-year minimum EIS holding period; equally, an exit within three years could impact tax relief. The value of tax benefits depends on circumstances and tax rules can change. 

Before you invest, please carefully read the PPM, which contains further details on the considerable risks – including, but not limited to, operating, technology, competition, market acceptance, regulatory approval, product, IP and financial – alongside the Wealth Club Risks and Commitments.

Structure and fees

Investors will pay no direct initial or ongoing charges to invest. Fundraising costs are being met by the Company. Please refer to the Schedule of Charges for more details. 

To invest, you will have to qualify as an Elective Professional Client of West Hill. The investment will be held via a nominee structure through Aldbridge Nominees (Woodside).

Our view

Ossiform is developing innovative, medical technology that, if proven, could benefit millions of people around the world – high risk and not guaranteed. The Company still needs to successfully complete human trials and acquire the required regulatory approvals.

The technology is proprietary and patent-protected. A sector-experienced management team and board are in place. If the go-to-market strategy can be successfully achieved, the Company could have significant growth potential.

It is important you understand the considerable risks. Please read the PPM carefully. Wealth Club has not independently verified the information within the PPM. You should not invest money you cannot afford to lose; experienced investors should form their own view. 

Register your interest – no obligation

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination. 

The details

Single company
Target return
9.6x (57% IRR)
Funds raised / sought
£6.3 million / £7.0 million
Minimum investment
26 Aug 2022 – subject to capacity
Last updated: 25 July 2022

News about EIS Investments. Read all