CORRECTION: Bioretec's hybrid composite patent has been approved in Europe

Bioretec Ltd Inside information 9 September 2022 at 1.00 p.m. EET

"CORRECTION: Bioretec Ltd released a company announcement on 8 September 2022 at 5.00 p.m. EET. The announcement was missing information that it included inside information. The information that the annoucement includes inside information has been added to this corrective announcement on the basic data row. Additionally, the missing information on certified advisor contact information has been added into this corrective announcement."

TAMPERE, Finland, Sept. 9, 2022 /PRNewswire/ -- The European Patent Office has announced to approve Bioretec Oy's hybrid composite material patent application EP3782657A1 and will grant and publish the patent after the Company's confirmation.

Approved patent concerns magnesium-based reinforced composite material, i.e., hybrid composite. The patent also includes the usage of the hybrid composite material in the manufacturing of a medical device or a part of such a device.

The patented hybrid composite material will be used in those products of Bioretec's RemeOs™ product family that require very high load-bearing capacity. Targeted applications include intramedullary nails in the long bones of the upper and lower extremities and implants for spinal fusion. The hybrid composite material biodegrades in the body similarly as the RemeOs™ magnesium alloy material and is replaced by bone while promoting fracture healing, thus eliminating the need for implant removal surgery.

The patent application process for the hybrid composite material in regions outside of Europe continues based on the international PCT patent application WO2021032882A1, and the Company will inform about patent approvals in other regions as the application process progress.

Further enquiries

Timo Lehtonen, CEO, p. +358 50 433 8493
Johanna Salko, CFO, p. +358 40 754 8172

Certified Adviser: Nordic Certified Adviser AB, tel. +46 70 551 67 29

Information about Bioretec

Bioretec is a globally operating Finnish medical device company that continues to pioneer the application of bioresorbable 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 bioresorbable materials for enhanced surgical outcomes. The RemeOs™ implants are resorbed 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. With the U.S. and EU market authorization for the first RemeOs™ product expected in 2022, Bioretec is positioning itself to enter the addressable USD 7 billion global orthopedic trauma market and become a game changer in surgical possibilities.

Better Healing - Better Life.

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SOURCE Bioretec

Company Codes: Helsinki:BRETEC, ISIN:FI4000480454

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