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Bacheloroppgave i Økonomi og administrasjon fra Handelshøyskolen BI, 2021 Formålet med denne oppgaven er å gjennomføre en verdivurdering av sjømatselskapet Lerøy Seafood Group notert på Oslo Børs. Det endelige målet med denne oppgaven er å redegjøre for om selskapet er overpriset, underpriset eller rettferdig priset per 31.12.2020. Vi vil redegjøre for dette gjennom et stort antall analyser og verdivurderinger, hvor vi avslutningsvis vil komme med en anbefaling om å kjøpe, holde eller selge aksjene i Lerøy Seafood Group.

Joint disorders can be detrimental to quality of life. There is an unmet need for precise functional reconstruction of native-like cartilage and bone tissues in the craniofacial space and particularly for the temporomandibular joint (TMJ). Current surgical methods suffer from lack of precision and comorbidities and frequently involve multiple operations. Studies have sought to improve craniofacial bone grafts without addressing the cartilage, which is essential to TMJ function. For the human-sized TMJ in the Yucatan minipig model, we engineered autologous, biologically, and anatomically matched cartilage-bone grafts for repairing the ramus-condyle unit (RCU), a geometrically intricate structure subjected to complex loading forces. Using image-guided micromilling, anatomically precise scaffolds were created from decellularized bone matrix and infused with autologous adipose-derived chondrogenic and osteogenic progenitor cells. The resulting constructs were cultured in a dual perfusion bioreactor for 5 weeks before implantation. Six months after implantation, the bioengineered RCUs maintained their predefined anatomical structure and regenerated full-thickness, stratified, and mechanically robust cartilage over the underlying bone, to a greater extent than either autologous bone-only engineered grafts or acellular scaffolds. Tracking of implanted cells and parallel bioreactor studies enabled additional insights into the progression of cartilage and bone regeneration. This study demonstrates the feasibility of TMJ regeneration using anatomically precise, autologous, living cartilage-bone grafts for functional, personalized total joint replacement. Inclusion of the adjacent tissues such as soft connective tissues and the TMJ disc could further extend the functional integration of engineered RCUs with the host.

Standard isotropic culture fails to recapitulate the spatiotemporal gradients present during native development. Cartilage grown from human mesenchymal stem cells (hMSCs) is poorly organized and unstable in vivo. We report that human cartilage with physiologic organization and in vivo stability can be grown in vitro from self-assembling hMSCs by implementing spatiotemporal regulation during induction. Self-assembling hMSCs formed cartilage discs in Transwell inserts following isotropic chondrogenic induction with transforming growth factor β to set up a dual-compartment culture. Following a switch in the basal compartment to a hypertrophic regimen with thyroxine, the cartilage discs underwent progressive deep-zone hypertrophy and mineralization. Concurrent chondrogenic induction in the apical compartment enabled the maintenance of functional and hyaline cartilage. Cartilage homeostasis, chondrocyte maturation, and terminal differentiation markers were all up-regulated versus isotropic control groups. We assessed the in vivo stability of the cartilage formed under different induction regimens. Cartilage formed under spatiotemporal regulation in vitro resisted endochondral ossification, retained the expression of cartilage markers, and remained organized following s.c. implantation in immunocompromised mice. In contrast, the isotropic control groups underwent endochondral ossification. Cartilage formed from hMSCs remained stable and organized in vivo. Spatiotemporal regulation during induction in vitro recapitulated some aspects of native cartilage development, and potentiated the maturation of self-assembling hMSCs into stable and organized cartilage resembling the native articular cartilage.

Perfusion bioreactors have been an effective tool in bone tissue engineering. Improved nutrient delivery and the application of shear forces have stimulated osteoblast differentiation and matrix production, allowing for generation of large, clinically sized constructs. Differentiation of hypertrophic chondrocytes has been considered an alternative strategy for bone tissue engineering. We studied the effects of perfusion on hypertrophic chondrocyte differentiation, matrix production, and subsequent bone formation. Hypertrophic constructs were created by differentiation in chondrogenic medium (2 weeks) and maturation in hypertrophic medium (3 weeks). Bioreactors were customized to study a range of flow rates (0-1200 μm/s). During chondrogenic differentiation, increased flow rates correlated with cartilage matrix deposition and the presence of collagen type X. During induced hypertrophic maturation, increased flow rates correlated with bone template deposition and the increased secretion of chondroprotective cytokines. Following an 8-week implantation into the critical-size femoral defect in nude rats, nonperfused constructs displayed larger bone volume, more compact mineralized matrix, and better integration with the adjacent native bone. Therefore, although medium perfusion stimulated the formation of bone template in vitro, it failed to enhance bone regeneration in vivo. However, the promising results of the less developed template in the critical-sized defect warrant further investigation, beyond interstitial flow, into the specific environment needed to optimize hypertrophic chondrocyte-based constructs for bone repair.

Bone has innate ability to regenerate following injury. However, large and complex fractures exceed bone's natural repair capacity and result in non-unions, requiring external intervention to facilitate regeneration. One potential treatment solution, tissue-engineered bone grafts, has been dominated by recapitulating intramembranous ossification (bone formation by osteoblasts), although most serious bone injuries heal by endochondral ossification (bone formation by remodeling of hypertrophic cartilaginous anlage). The field has demonstrated that using endochondral ossification-based strategies can lead to bone deposition. However, stem cell differentiated hypertrophic chondrocytes, the key cell type in endochondral ossification, have not been studied for long bone defect repair. With translation in mind, we created tissue-engineered grafts using human adipose stem cells (ASC), a clinically relevant stem cell source, differentiated into hypertrophic chondrocytes in decellularized bone scaffolds, and implanted these grafts into critical-size femoral defects in athymic rats. Over 12 weeks of implantation, these grafts were compared to acellular scaffolds and grafts engineered using ASC-derived osteoblasts. Grafts engineered using hypertrophic chnodrocytes recapitulated endochondral ossification, as evidenced by the expression of genes and proteins associated with bone formation. Markedly enhanced bone deposition was associated with extensive bone remodeling and the formation of bone marrow, and with the presence of pro-regenerative M2 macrophages within the hypertrophic grafts. As a result, hypertrophic chondrocyte grafts bridged 7/8 defects, as compared to only 1/8 for osteoblast grafts and 3/8 acellular scaffolds. These data suggest that ASC-derived hypertrophic chondrocytes in osteogenic scaffolds can improve long bone repair.

The use of autografts for bone repair is limited by donor site morbidities and geometric requirements. Tissue engineering technology has been able to recreate living bone grafts, but important challenges remain. Here, we will discuss a paradigm for engineering personalized bone grafts that comprises autologous cells, native bone scaffold, and a perfusion bioreactor culture system. As the bone regeneration outcome is dependent on the establishment of functional vasculature, we focus on emergent vascularization strategies. We propose that angiogenic events leading to vascularization can be recapitulated by harnessing the inflammatory responses. Finally, we discuss endochondral ossification as a strategy for engineering functional and well-vascularized bone that supports the engraftment of hematopoietic cells.

Although autologous bone grafts are considered a gold standard for the treatment of bone defects, they are limited by donor site morbidities and geometric requirements. We propose that tissue engineering technology can overcome such limitations by recreating fully viable and biological bone grafts. Specifically, we will discuss the use of bone scaffolds and autologous cells with bioreactor culture systems as a tissue engineering paradigm to grow bone in vitro. We will also discuss emergent vascularization strategies to promote graft survival in vivo, as well as the role of inflammation during bone repair. Finally, we will highlight some recent advances and discuss new solutions to bone repair inspired by endochondral ossification.

Facial deformities require precise reconstruction of the appearance and function of the original tissue. The current standard of care—the use of bone harvested from another region in the body—has major limitations, including pain and comorbidities associated with surgery. We have engineered one of the most geometrically complex facial bones by using autologous stromal/stem cells, without bone morphogenic proteins, using native bovine bone matrix and a perfusion bioreactor for the growth and transport of living grafts. The ramus-condyle unit (RCU), the most eminent load-bearing bone in the skull, was reconstructed using an image-guided personalized approach in skeletally mature Yucatan minipigs (human-scale preclinical model). We used clinically approved decellularized bovine trabecular bone as a scaffolding material, and crafted it into an anatomically correct shape using image-guided micromilling, to fit the defect. Autologous adipose-derived stromal/stem cells were seeded into the scaffold and cultured in perfusion for 3 weeks in a specialized bioreactor to form immature bone tissue. Six months after implantation, the engineered grafts maintained their anatomical structure, integrated with native tissues, and generated greater volume of new bone and greater vascular infiltration than either non-seeded anatomical scaffolds or untreated defects. This translational study demonstrates feasibility of facial bone reconstruction using autologous, anatomically shaped, living grafts formed in vitro, and presents a platform for personalized bone tissue engineering.

For a long time, cartilage has been a major focus of the whole field of tissue engineering, both because of the constantly growing need for more effective options for joint repair and the expectation that this apparently simple tissue will be easy to engineer. After several decades, cartilage regeneration has proven to be anything but easy. With gratifying progress in our understanding of the factors governing cartilage development and function, and cell therapy being successfully used for several decades, there is still a lot to do. We lack reliable methods to generate durable articular cartilage that would resemble the original tissue lost to injury or disease. The question posed here is whether the answer would come from the methods using cells, biomaterials, or tissue engineering. We present a concise review of some of the most meritorious efforts in each area, and propose that the solution will most likely emerge from the ongoing attempts to recapitulate certain aspects of native cartilage development. While an ideal recipe for cartilage regeneration is yet to be formulated, we believe that it will contain cell, biomaterial, and tissue engineering approaches, blended into an effective method for seamless repair of articular cartilage.

Mesenchymal stem cells (MSC) are of major interest in regenerative medicine, as they are easily harvested from a variety of sources (including bone marrow and fat aspirates) and they are able to form a range of mesenchymal tissues, in vitro and in vivo. We focus here on the use of MSCs for engineering of cartilage, bone, and complex osteochondral tissue constructs, using protocols that replicate some aspects of natural mesodermal development. For engineering of human bone, we discuss some of the current advances, and highlight the use of perfusion bioreactors for supporting anatomically exact human bone grafts. For engineering of human cartilage, we discuss the limitations of current approaches, and highlight engineering of stratified, mechanically functional human cartilage interfaced with bone by mesenchymal condensation of MSCs. Taken together, current advances enable engineering of physiologically relevant bone, cartilage and osteochondral composites, and physiologically relevant studies of osteochondral development and disease.

Tissue-engineering bioreactors apply engineering concepts to mimic native tissue environment and function, and study cellular responses under biologically sound conditions. A bioreactor must support 3D tissue development, maintain cell viability and function within a tissue, and provide appropriate molecular and physical cues. To date, the bioreactor designs have increasingly progressed to the point that allows us to generate fully viable and functional tissue grafts, study complex biological responses under normal and pathological conditions, improve tissue culture methods, and conduct drug screening under conditions predictable of human situation. Current advances in bioreactor designs and operation for tissue engineering largely focus on (i) generation of complex human tissue grafts for clinical application, (ii) studies of sophisticated biological responses that will open up novel directions for tissue regeneration, and (iii) optimization of high-throughput tissue culture techniques for fundamental research of stem cells and study of disease. We discuss here the principles of bioreactor design – in particular with respect to mass transport and physical signaling, and describe some examples of advanced bioreactor designs to illustrate how the biologically inspired bioreactor design is being implemented in tissue engineering, study of stem cells, and high-throughput screening.