Bioretec Ltd, a Tampere, Finland-based company dedicated to advancing biodegradable orthopedic implants, received a grant of a maximum of €0.97m.
The grant was awarded for the company’s 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 1.95m.
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 the ability to control and direct degradation processes, consequently also broadening the scope of indications for RemeOs™ products.
Led by Timo Lehtonen, CEO, Bioretec is a medical device company that pioneers 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.
FinSMEs
07/09/2023