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Artimplant files for bankruptcy

Gothenburg-based biomaterial company Artimplant has filed for bankruptcy.

The company announced the news after being sued by up to 50 patients in the US, which claim to have been injured when using the company’s products. As a consequence of the bankruptcy, 12  employees in Gothenburg will be affected. According to a company press release, the ongoing disputes have had “a negative impact on Artimplant’s sales and have also occupied the management’s resources which have resulted negatively on the company’s development.”

Artimplant states further that parallel to these events, there has been intensive work to attract new capital to the company, to try to find a new main shareholder and to find new improved distribution channels. Even though the Board had been in discussions with potential investors, Artimplant claims that the ongoing disputes considerably reduced the interest to invest. Furthermore, the Board decided that under current circumstances it would not be possible to achieve a possible new right issue of shares.

The company, founded in 1990, has been focused on solutions to problems in the orthopedic area. The business has revolved around the development, production and marketing of degradable implants.  In 2003, the company received its first approval from the FDA for sales of Artelon Surgical Suture on the US market. Thereafter, various products such as rotator cuff implants and products for osteoarthritis in the hand were approved.