The Lund-based medical technology company Tendo’s stock has risen by over 200 percent in a month. Behind this is a patent success in the USA and new orders.
Rapidus named Tendo the 34th of the year in both 2019 and 2020. Lately, the company has lined up a series of positive news, and the stock, listed on the Spotlight Stock Market, took off in December. Since the beginning of the year alone, the increase has been over 100 percent.
The surge in the stock price began after the US Patent and Trademark Office (USPTO) issued a “Notice of Allowance” for the company’s product One Grip. The patent pertains to a glove with an integrated exoskeleton developed to assist individuals with limited hand function.
Sofie Woge, CEO of Tendo, explains that it is likely not only due to the upcoming patent but also because the company has received orders from two new regions: Norrbotten and Halland. On Tuesday, Tendo also announced that an agreement had been reached with a financier named Klosterströmmens Skogar for a bridge financing of 1.5 million SEK to provide additional working and growth capital.
Now we look forward to applying for CE marking in 2024 and continuing the commercialization of One Grip; work that also includes a clinical study. Initially, this should be profitable, but in the long term, the idea is for One Grip to expand and be used by more patient groups with reduced mobility, such as rheumatoid arthritis and stroke patients. The basic technology for this is already in place,” says Sofie Woge.
One Grip started as a thesis project in industrial design at LTH, where Sofie Woge collaborated with NASA in Houston on a product intended for astronauts. Already towards the end of the master’s program, she decided to “bring the product down to Earth” and adapt One Grip for individuals with grip difficulties due to conditions such as stroke or age-related injuries.
