Building on his experience, ranging from software solutions at his startup in Denmark, to the development and commercialization of medical devices for human tissue repair as an employee within two medical device companies, coupled with his youth experience in the fishing village of Isafjordur, Fertram came up with the concept of using fish skin to heal damaged tissue.
Fertram’s bachelor’s degree was in chemistry from the University of Iceland. His master’s of Engineering degree, was from the Technical University of Denmark.
Over the initial years of Kerecis, Fertram sought support from former colleagues he had worked with during his career. The colleagues included medical doctors Baldur Tumi Baldursson and Hilmar Kjartansson, U.S. patent attorney Ernest Kenney and lawyer Baldvin Bjorn Haraldsson. Fertram’s father, Sigurjon N. Olafsson, Associate Professor of Chemistry at the University of Iceland and Fertram’s wife Fanney, a biotech engineer with background in pharmaceutical regulatory affairs, were also involved.
In August 2023 Kerecis became Iceland’s first Unicorn when it sold to the Danish company Coloplast for $1.3 Billion.
Fertram returns to Iceland and begins entrepreneurial projects in the medical devices field.
The name of FnF was changed to Kerecis.
Proof-of-Concept grant received from Iceland’s Technology Development Fund. First prototypes created with the help of Matis laboratories.
Full grant received from Iceland’s Technology Development Fund
Laboratory established in Isafjordur, Iceland and first employee, chemical engineer Dora Hlin, hired. Technology development program accelerated.
Seed investment round closed with the government owned New Business Venture Fund. Baldursson, Kjartansson, Kenney, Olafsson and Haraldsson also became shareholders.
Office opened in Reykjavik, Iceland and employees hired.
Early 2011 Series A investment round closed with milestone payments related to advancement of technology development program
Disaster struck when the FDA rejected Kerecis’ initial regulatory application and asks for more clinical data. Milestone payment delayed from investor and office moved to Fertram’s living room.
Kerecis appoints Scientific Advisory Board with world-leading scientists.
Clinical trials complete, new submission made to FDA and approval received. A investment rounds complete and Fertram leaves consulting projects to focus exclusively on running Kerecis.
Fertram participated in the Northern Future Forum and meets with heads of government discussing entrepreneurship and education.
Kerecis receives grant from US DoD to adapt products for burn and blast-injury
Kerecis completes Series B round, establishes US office and hires Chris Harte to establish operations
Kerecis steps up operations in the US and transfers Sales & Marketing head office to US office Washington DC area office. First year of US sales complete with $1 million.
Klara Sveinsdottir joins Kerecis to head the company’s business development function.
A second randomized double-blind study on the Kerecis technology completes and is published
Growth accelerates in the US and Steve DiBiasio joins company to lead sales growth
Operations of the Switzerland-based company Phytoceuticals AG (now Kerecis AG) acquired giving Kerecis control of its plant-based, fatty-acid tissue technology
Kerecis closes Series C round with $21 million in total funding. Laurene Powell Jobs among investors. Mike Cadigan helps close round as financial advisor and later joins company as CFO.
Third randomized controlled study completes and is published.
Fertram named a EY Entrepreneur Of The Year.
Number of staff exceed 300. Gudmundur Oskarsson joins company to leads its product management and marketing.
July Kerecis completes Series D round with $100 million in total funding. Lego brand owner KIRKBI leads the investment round. Company states no further investment rounds needed to fund day-to-day business.
Kerecis ends year with $85 million in revenue and with profitable operations.
Dan Mooradian joins Kerecis for research & development leadership. Laboratory and distribution centers established in Minneapolis, MN.
Kerecis acquired by Coloplast A/S for 1.3 billion USD.
