Bioretec enters into a supply agreement with Meotec for magnesium alloy raw materials for bioresorbable RemeOs products
HELSINKI, Finland, Jan. 13, 2022 /PRNewswire/ -- Bioretec Ltd, a globally operating Finnish medical device company and a pioneer in bioresorbable orthopedic implants, has entered into a raw material supply agreement with Meotec GmbH, a German manufacturer of implantable materials. Under the agreement, Meotec will supply bioresorbable magnesium alloy raw materials for Bioretec's new RemeOs™ product family.
"The agreement will ensure the smooth supply of raw material for our future RemeOs™ products. Meotec's know-how, the quality of the raw material and supply stability were the key factors that lead us to choose Meotec as the supplier. The agreement will put us one step closer to commercializing our first RemeOs™ product in Europe and United States," says Timo Lehtonen, CEO of Bioretec.
"Our teams at Meotec and Bioretec have worked together for several years to develop and supply an industry-leading biocompatible magnesium alloy which meets high requirements set for the materials. We are pleased that Bioretec has formalized the relationship with us as the future raw material supplier for the RemeOs™ products. With this supply agreement, Meotec expands its clientele with one of the markets most dynamic players in innovative orthopedic solutions," states Alexander Kopp, CEO of Meotec.
The marketing authorization of the first RemeOs™ product, the RemeOs™trauma screw, is anticipated in the European Union and United States during 2022. Bioretec recently applied for the CE mark for the product in the European Union. RemeOs™ bioresorbable magnesium implant helps bone to heal and is naturally replaced by bone, eliminating the need for removal operations that are in many cases required when using traditional implants. The RemeOs™ trauma screw is used for the fixation of bone fractures (osteosynthesis) and for the fixation after osteotomies e.g., the correction of deformities or malalignments.
Timo Lehtonen, CEO, tel. +358 50 433 8493
Johanna Salko, CFO, tel. +358 40 754 8172
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. www.bioretec.com.
Information about Meotec
Meotec is a globally operating German company and one of the world's leading material specialists in bioabsorbable metals for use in medical implants. With over a decade of experience in the field innovating materials such as bioabsorbable magnesium alloys, it has developed and established a fully integrated supply chain for medical grade metallic materials which is fully operated under the ISO 13485 standard for medical devices. Using a high degree of process automation and proprietary metallurgical processes to guarantee lowest impurity levels, Meotec provides its materials to customers in different medical fields such as cardiovascular and abdominal surgery, orthopedics, craniomaxillofacial as well as trauma and sports medicine.
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Company Codes: ISIN:FI4000480454