Inside information: Bioretec's Board of Directors to initiate a new CEO recruitment process

TAMPERE, Finland, Nov. 16, 2023 /PRNewswire/ -- Bioretec Ltd, a pioneer of biodegradable orthopedic implants, is initiating a new CEO recruitment process as the company's current CEO, Mr. Timo Lehtonen, shall transfer into a new role within the company. The Board of Directors and Mr. Lehtonen have reached a mutual consensus in good understanding, based on a shared vision for the company's future, to begin a recruitment process for a new CEO who will steer Bioretec to its forthcoming growth stages. Mr. Lehtonen will maintain his role as CEO with the Board's full support until the successor is appointed, ensuring stability and continuity in the leadership of the Company.

During Mr. Lehtonen's tenure, Bioretec has reached numerous milestones, notably reforming the surgical treatment of bone fractures with biodegradable metal implants through a first-ever FDA market authorization of magnesium-based implants in the U.S., thus significantly improving patient recovery and quality of life. Furthermore, under his leadership, the Company has enhanced its international market reach with sustained double-digit (in percentages) revenue growth and solidified its status as an innovator in biodegradable technologies.

"It has been an honor to lead Bioretec since 2019, overseeing the company's dynamic growth with unwavering commitment. I deem that this is an appropriate juncture for a new leader to continue to implement the Company's vision. My deepest appreciation goes out to our executive team, the Board, and our knowledgeable staff, whose collaborative efforts have been integral to our successes in redefining bone fracture treatment and improving patients' quality of life," says Timo Lehtonen, the CEO of Bioretec.

Mr. Tomi Numminen, Chairman of the Board states, "The Board expresses its gratitude to Mr. Timo Lehtonen for his strong leadership and dedication. As we proceed with the selection of a new CEO, our focus remains on securing a leader with profound expertise in driving international business growth in alignment with Bioretec's strategic ambitions."

Further enquiries
Tomi Numminen, Chairman of the Board, tel. +358 40 581 2132

Certified advisor
Nordic Certified Adviser AB, +46 70 551 67 29

Bioretec in brief

Bioretec is a globally operating Finnish medical device company that continues to pioneer the application of biodegradable 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 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 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. The first RemeOs™ product market authorization has been received in the U.S. in March 2023, and in Europe, the CE-mark is expected to be received during the first quarter of 2024. Bioretec is positioning itself to enter the addressable USD 7 billion global orthopedic trauma market and become a game changer in surgical bone fracture treatment.

Better healing – Better life.

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SOURCE Bioretec

Company Codes: Helsinki:BRETEC, ISIN:FI4000480454

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