Bioretec Ltd., a medical device company based in Tampere, Finland, has completed a €7.2 million ($8.5 million) oversubscribed equity funding round.
The funding round was coordinated and marketed by Springvest Oy. Springvest is an investment service in Helsinki, Finland.
Bioretec Board of Directors Chairman Tomi Numminen expressed his gratitude saying, in part, “We are extremely delighted about the investors’ interest and trust towards our company and our innovative products. I would like to express my warmest gratitude to all the subscribers as well as to the professional team of Springvest for their work in coordinating and marketing of our investment round.”
Per its website, Bioretec focuses “on the development of strong, safe and reliable bioabsorbable and bioresorbable implants for pediatric and adult orthopaedics.” Its products are used globally and include its Activa-series implants. Its Activa-series implants are made of PLGA, a biodegradable copolymer. According to the company, PLGA “slowly degrades when it reacts with water in the human body, dissolving back to its building blocks and eventually to carbon dioxide and water, which are then exhaled and excreted.”
The funding will be used to continue development of the company’s RemeOs™ trauma screws which are currently in the clinical testing phase. According to its website, the RemeOs bioresorbable metallic implants “will offer a strong and bioresorbable solution for load-bearing medical operations indications.” The implants do not need to be removed and can still maintain “strength and rigidity close to traditional steel or titanium implants.”
Bioretec CEO Timo Lehtonen discussed the RemeOs screws. Lehtonen commented, in part, “Our new production facilities are almost ready and RemeOs™ Screw registration process has been started with the U.S. FDA. The U.S. FDA granted Breakthrough Device Designation for Bioretec’s bioresorbable RemeOs™ Screw and the on-going interactive process with the FDA forms a foundation to our registration process.”
