As some biomedical problems require only temporary intervention, there is a clinical need for degradable biomaterials with excellent mechanical properties and controllable degradation behaviour. Although several works were carried out on both polymeric and metallic materials, no proposed degradable biomaterial fully satisfied these requirements. Therefore a new Fe-35Mn alloy has been developed as a valid and well suited alternative. The alloy was fabricated through powder metallurgy route followed by successive cold rolling and sintering cycles. This austenitic alloy exhibits a high strength and ductility, comparable to that of type 316L stainless steel. Its antiferromagnetic behaviour is not changed by cold deformation process. The alloy shows suitable degradation behaviour with a uniform corrosion mechanism and a slow release of ions that make it particularly well suited for the development of a new class of biodegradable stents.