TAMPERE, Finland, Sept. 6, 2023 /PRNewswire/ -- Bioretec Ltd, a pioneering company dedicated to advancing biodegradable orthopedic implants, has received a grant of a maximum of EUR 0.97 million for its research and development (R&D) work from Business Finland's Co-Innovation project funding for the period 1 March 2023 - 28 February 2025. The grant amount represents 50% of the R&D project's costs, which in maximum, are estimated at EUR 1.95 million.
In this Business Finland-backed Intelligent Medical Device Solutions to Global Market (IMD1) Co-Innovation project, a consortium composed of various entities possesses complementary knowledge and skills essential for generating innovative solutions in the field of biomaterials within the healthcare sector.
As a part of this project, Bioretec is dedicated to researching and advancing the understanding of the use of biomaterials in the context of bone fracture fixation. The primary focus revolves around the development of coatings for RemeOs magnesium alloys. This innovation aims to enhance our ability to control and direct degradation processes, consequently also broadening the scope of indications for RemeOs products.
"Following our recent achievement of market authorization for our RemeOs screw in the U.S., we are continuing to explore materials and technologies to expand our portfolio of trauma products. This grant will contribute to our efforts. We are deeply appreciative of Business Finland's trust and support, recognizing Bioretec's capabilities and the consortium's dedication to delivering intelligent medical devices to a demanding global market." said Timo Lehtonen, CEO of Bioretec.
Business Finland's Co-Innovation funding program brings together R&D projects of companies and research organizations to promote high-quality research, accelerate renewal and international growth, and build competitive innovation ecosystems. Joint projects are formed based on specific eligibility criteria and by a consortium of at least two companies that apply for funding from Business Finland for a joint R&D project.
Further enquiries
Timo Lehtonen, CEO, tel. +358 50 433 8493
Johanna Salko, CFO, tel. +358 40 754 8172
Bioretec in brief
Bioretec is a globally operating Finnish medical device company that continues to pioneer the application of biodegradable orthopedic implants. The company has built unique competencies in the?biological interface?of active implants?to enhance bone growth and accelerate fracture healing after orthopedic surgery. The products developed and manufactured by Bioretec are used worldwide in approximately 40 countries.?
Bioretec is?developing?the new RemeOs?product line?based on a magnesium alloy and hybrid composite, introducing a new generation of strong biodegradable materials for enhanced surgical outcomes. The RemeOs implants are absorbed and replaced by bone, which eliminates the need for removal surgery while facilitating fracture healing. The combination has the potential to make titanium implants redundant and help clinics reach their Value-Based Healthcare targets while focusing on?value for patients through efficient healthcare. The first RemeOs product market authorization has been received in the U.S. in March 2023, and in Europe, the CE-mark is expected to be received during 2023. Bioretec is positioning itself to enter the addressable USD 7 billion global orthopedic trauma market and become a game changer in surgical bone fracture treatment.
Better healing - Better life. www.bioretec.com
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