At a pivotal turning point in its journey, PhosPrint has received the green light to launch its first clinical trial, following the completion of a €500,000 seed funding round led by Corallia Ventures TT and Lars Rasmussen, co-founder of Google Maps.
The investment will support the company’s first-in-human clinical trial of its InvivoLPrint-U platform – the world’s first bioprinter designed to reconstruct bladder tissue directly inside the patient’s body during surgery.
Founded in 2019 as a spin-off of the Institute of Communication and Computer Systems (ICCS), PhosPrint emerged from years of research conducted at the School of Applied Mathematical and Physical Sciences under the supervision of Professor Ioanna Zergioti.
Each year, more than 150,000 patients worldwide are candidates for bladder removal (cystectomy) due to cancer. Current reconstructive procedures rely on intestinal tissue and are frequently associated with serious complications, including infections, adverse events, and significant deterioration in quality of life. PhosPrint’s innovation enables urologists to create a fully functional neobladder without these side effects by printing the patient’s own healthy cells directly onto the tissue during surgery.
A Milestone: The First Clinical Trial
Ioanna Zergioti, co-founder and CEO of PhosPrint, told Capital.gr and Forbes Greece that the investment represents a strong vote of confidence in both the technology and the team. According to her, the funding brings the company closer to completing its first clinical trial—a critical milestone, as demonstrating product safety is a prerequisite for attracting follow-on investment.
The capital will primarily be allocated to cover the substantial costs associated with conducting a first-in-human clinical study. Part of the funding will also support the maintenance and expansion of the company’s patented technology portfolio, a process that is both complex and capital-intensive.
Approval by EMA and EOF
A defining development has been the approval of the first clinical trial by the European Medicines Agency (EMA) and the National Organization for Medicines (EOF). As Zergioti explained, the evaluation process was particularly demanding because the product is classified as a combination therapy, integrating cell therapy with laser-based medical device technology. Notably, the regulatory submission exceeded 7,000 pages.
The trial will be conducted in collaboration with Laiko General Hospital of Athens and Gennimatas General Hospital of Athens, involving specialized medical teams from leading urology departments. According to Zergioti, this is one of the few Phase I studies currently being implemented in Greece – particularly for such an innovative product – underscoring the significance of the initiative.
Despite Greece’s high scientific standards, Phase I trials remain limited in number, as they require substantial risk-taking, complex coordination, and adequate funding. As she noted, the country is still in the early stages of development in this field.
Future Applications and International Expansion
Strategically, PhosPrint is continuing its research beyond bladder applications, with cartilage regeneration identified as the next clear priority. Other potential applications, including skin tissue, are also under evaluation, though no final decisions have yet been made.
International expansion will be essential for the next funding round. The second and third phases of clinical trials will require collaboration with additional hospitals abroad, as well as access to capital markets outside Greece.
The company estimates that commercial availability of the product could be achieved in approximately four years, provided that all three phases of clinical trials are successfully completed.
Secondary Products and Revenue Diversification
In parallel, PhosPrint is exploring additional revenue streams through secondary products derived from its research activities.
The company’s team currently comprises around 15 members, including external collaborators and advisors. Alongside Ioanna Zergioti, the co-founders include Dr. Apostolos Klinakis (Clinical Director) and Maria Pallidou (CFO).
Source: Forbes Greece