Bioretec Awarded Grant to Develop Biodegradable Implant Coatings

Business Finland has awarded a €970,000 (maximum) grant to Bioretec Ltd. to develop magnesium alloy coatings.

The grant from Business Finland’s Co-Innovation project funds R&D work for a two-year period (March 1, 2023 to 28 Feb. 28, 2025). The grant amount represents 50% of the project’s R&D costs, which is estimated at €1.95 million (maximum).
 
The grant is part of a Business Finland-backed Intelligent Medical Device Solutions to Global Market (IMD1) Co-Innovation project, a consortium composed of various entities aimed at generating innovative biomaterials solutions.
 
As a part of this project, Bioretec will research and advance the understanding of biomaterials use in bone fracture fixation. The primary focus is developing coatings for RemeOs magnesium alloys to enhance the product’s ability to control and direct degradation processes. Consequently, the coatings could broaden the scope of indications for RemeOs products.

Bioretec’s 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 can potentially make titanium implants redundant and help clinics reach their value-based healthcare targets while focusing on patient value. Bioretec received its first RemeOs product market authorization in the United States in March 2023, and in Europe, the CE-mark is expected to be received during 2023. Bioretec is positioning itself to enter the $7 billion global orthopedic trauma market and a pioneer in surgical bone fracture treatment.
 
“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,” Bioretec CEO Timo Lehtonen said. “We are 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.” 

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.
 
Bioretec is a globally operating Finnish medical device company that develops biodegradable orthopedic implants. The company has built 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.