Polish medtech startup ONGENO has secured €3.5 million in fresh funding which will allow the company to continue and complete its medical trials. JRH ASI, ONGENO’s previous investor, shared the announcement with AIN. 

About ONGENO 

  • Polish medtech startup ONGENO has a therapy developed by Dr. Wojciech Orlowski, M.D., which has been proven in the first phase of the experiment to lead to improved sclerosis patient health, reduced disability, and lack of disease progression in the long term. 

  • From a qualified patient, 50 to 100 ml of bone marrow is collected from the pelvic bone, which is then subjected to a purification process according to the ONGENO protocol. Then the dissected, unique, with very high therapeutic potential, stem cell composition is administered (transplanted) to the patient intravenously. The patient is hospitalized for only 2 to 7 days. 

  • There have been no complications, conditions or ailments caused by the treatment used, according to the company.

“We already have nearly 10 years of study data from patients in the previous phase of the trial, and they have experienced tremendous and lasting improvements in their health. The remission is so significant that it allows them to return to normal life and work activities, meaning we can speak of almost complete recovery for patients undergoing the therapy,” told Pawel Kowalik, CEO of ONGENO.

Investment details 

The financing was provided through the issuance of new shares. The company established 100 new shares, as part of a new round of financing, with an issue price set at €35 500 (PLN 150,000) per share. This means a valuation of ONGENO at €70,5 million (PLN 300 million). 

The investors were left undisclosed. New capital will finance ONGENO's medical experiment of the validation stage of the stem cell separation process for the treatment of multiple sclerosis (MS) by the end of 2025.

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