Bioretec Nabs Business Finland's R&D Grant

Tampere, Finland-based Bioretec has received an R&D grant from Business Finland to develop coatings for next-generation biodegradable orthopedic implants.

The grant will cover half of Bioretec's R&D costs, up to EUR 0.97 million. The project's total R&D costs are projected to be EUR 1.95 million.

The grant comes from the Business Finland-backed Intelligent Medical Device Solutions to Global Market (IMD1) Co-Innovation project, a consortium composed of various entities that 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 intends to research and advance the understanding of the use of biomaterials in the context of bone fracture fixation. The primary focus revolves around the development of coatings for Bioretec's RemeOs magnesium alloys. The company said the project aims to enhance its ability to control and direct degradation processes, and potentially broadening the scope of indications for RemeOs products as a result.

The company recently announced that FDA had granted market authorization for Bioretec's RemeOs screw in the United States. CEO Timo Lehtonen said the company continues to explore materials and technologies to expand its portfolio of trauma products, and that the Business Finland grant will contribute to those efforts.

Business Finland’s Co-Innovation funding program was created to bring 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.