Reindeer bones had to lead to a major business in the health industry – the result of bankruptcy

Helsinki The Medicine Technology Company BBS-Bioactive Bone Substitutes listed on the stock exchange has become bankrupt.

The Oulu -based company, which developed bone implants from the reindeer bone, filed for bankruptcy last week, and today on Monday the Oulu District Court set it in bankruptcy.

BBS has been struggling with funding during his previous seven years during his stock exchange career.

The company justified the bankruptcy application last week with the decline in loan negotiations. When funding was not safeguarded, it is no longer possible to continue business, says the chairman of the board Pekka Jalovaara in the company’s bulletin.

The company started its operations in 2003. It was listed on the First North list of the Helsinki Stock Exchange in 2018.

BBS has developed medical devices to treat severe plum fractures and ossification problems. For this, it has used a protein text on bone growth factor proteins isolated from reindeer bones.

The company’s first product Artbone Paste was in the CE marking process, which would allow the product to commercialize the product in the EU. However, the process was interrupted last fall when the process controlled plant demanded new clinical experiments.

Although The bankruptcy of listed companies is not quite common, they are seen every now and then.

The company, last listed on the Helsinki Stock Exchange, has gone bankrupt in 2019.

On the other hand, near miss cases have been seen since then. Last autumn, the construction company Lehto Group’s subsidiaries went bankrupt. The company itself goes through the reorganization procedure.

Last fall, the event company Rush Factory also giggled on the edge of the bankruptcy. Ilmarinen, an occupational pension company, filed for bankruptcy, but withdrew the application when the company paid its debt and only the subsidiary was finally bankrupt. After that, the taxpayer also fetched it for bankruptcy.

The company eventually rescued by collaborating with another event company Sunborn Events.

In all The company listed on the Helsinki Stock Exchange has gone bankrupt in recent decades.

In the 21st century, Nokia’s contract manufacturer Elcoteq and the retail chain Tiimari have gone into bankruptcy. For a shareholder, bankruptcy in most cases means losing money.