GreenBone Ortho wants surgeons to repair large bone defects with a scaffold made from wood. The company, in Faenza, Italy, makes b.Bone, a bone substitute derived from rattan wood, which it calls a bone regeneration scaffold.
The European Innovation Council granted €2,458,129 towards a €3.51 million project to develop versions for spinal fusion, b.Spine and b.Putty. The CORDIS report cites "a 100% spinal fusion success rate at 12 months" in clinical trials and says the products reached CE readiness, with certification pending. Italian company accounts compiled by reportaziende.it show revenue of €321,500 in 2024 and a net loss of €3.5 million.
Company file
- Legal entity
- GreenBone Ortho S.p.A., VAT IT02493440396, Faenza, Italy
- Products
- b.Bone (CE marked); b.Spine and b.Putty (CE readiness)
- Distribution
- Mikai (Italy, 2024); partnership with Endocon (2024)
- Clinical
- OSsIRIS post-market study: 122 cases, 10 centres in 4 countries
- Funding
- €3M first round (2015); €10M Series B (2021)
- EIC project
- GreenBone, 1 Sep 2022 to 31 Aug 2025
- EIC funding
- Grant first
Where GreenBone Stands Today
In May 2026 GreenBone reported that its OSsIRIS study of b.Bone had reached 122 cases at 10 centres in Italy, Germany, the UK and the Netherlands, with Maastricht University Medical Centre the latest to join. The same month it announced AstroBone, an ESA-supported project to validate b.Bone for osteoporosis, including an experiment in orbit. It has distribution in Italy through Mikai since 2024. Its accounts show revenue falling from €928,200 in 2022 to €98,400 in 2023, then rising to €321,500 in 2024, with losses of €3.5 million to €4.5 million a year.
The Technology: Rattan Turned to Ceramic
GreenBone's material is derived from rattan, a climbing palm; the company describes the journey "from forest to femur". b.Bone received its CE mark before the EIC project, and GreenBone announced a €10 million Series B in April 2021 on the back of it. The EIC project extended the material to spinal fusion.
"Clinical trials demonstrated a 100% spinal fusion success rate at 12 months."
GreenBone results, CORDISWhat the EIC Project Promised, and What CORDIS Shows
The project, titled "The Holy Grail in Bone regeneration", developed b.Spine and b.Putty and ran clinical work in spinal fusion. CORDIS reports the 100% fusion rate and CE readiness, but no patient numbers, approvals obtained, sales or distributors. A registered pre-market study of b.Bone in spinal fusion, B-SPINE, is listed among GreenBone's publications.
- Spinal fusion productsDeliveredb.Spine and b.Putty developed.
- Clinical evidencePartial100% fusion at 12 months; size not given.
- CE mark for spinal productsPending"Readiness" only.
- Commercial growthNot shown€321.5K revenue in 2024.
What Has Happened Since the Award
The Money
GreenBone raised €3 million in its first round in 2015 from Zernike Meta Ventures and Italian Angels for Growth, and a €10 million Series B in April 2021. The award was "grant first"; we found no EIC Fund investment. Losses of about €12 million over 2022 to 2024 against less than €1.4 million of revenue show a company still funded by investors, not sales.
What cannot be checked
Whether b.Spine and b.Putty have now been CE marked, how many patients the spinal trials included, the 2025 accounts and how GreenBone is funding its losses are not public.
Why Europe Should Care
A bone substitute derived from a plant and developed in Italy is an unusual European biomaterials story. The EIC grant pushed it into spinal surgery. More than a decade after its first funding round, GreenBone's sales are still small.
What the project promised
"The Holy Grail in Bone regeneration" for spinal fusion.
What the record shows
Spinal products at CE readiness, strong fusion results reported, and revenue of €321.5K against €3.5M losses.
The Verdict
Promising science, thin sales
The EIC project advanced GreenBone's material into spinal surgery with good early results. But the spinal products were not yet approved at the project's end, and the company's accounts show a business still far from paying for itself.
GreenBone Ortho has not been asked for comment for this article. It is based entirely on company statements, EU project data and Italian company accounts, linked throughout.
