The Finnish Financial Supervisory Authority has imposed a penalty payment on a member of Bioretec's Board of Directors for late notification of managers' transactions
The Finnish Financial Supervisory Authority has imposed a penalty payment on a member of Bioretec's Board of Directors for late notification of managers' transactions
Bioretec Ltd Company announcement 12 December 2024 at 6.15 p.m. EET
The Finnish Financial Supervisory Authority (the "FIN-FSA") has imposed a penalty payment of EUR 3,000 on Michael Piccirillo, as a member of Bioretec's Board of Directors and a person discharging managerial responsibilities for the late notifications of transactions in Bioretec's share made in his own account.
The decision of the FIN-FSA is not yet legally binding and can be appealed by Michael Piccirillo.
Further enquiries
Alan Donze, CEO, +1 619 977 5285
Johanna Salko, CFO, +358 40 754 8172
Certified adviser
Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
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 approval process is currently on-going. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and to become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
Correction: Bioretec Ltd – Managers’ transactions – Stephen Industries Inc Oy
Correction: Bioretec Ltd – Managers’ transactions – Stephen Industries Inc Oy
Bioretec Ltd Managers’ transactions 29 November 2024 at 1.30 p.m. EET
This notice corrects the Management Transaction notice published on 29 November 2024 at 7:45, in which Kustaa Poutiainen was listed as a person subject to the notification requirement. The correct person subject to the notification requirement is Stephen Industries Inc Oy.
Correction - Bioretec Oy - Managers' Transactions
_________________________________________
Person subject to the notification requirement
Name: Stephen Industries Inc Oy
Position: Closely associated person
(X) Legal person (1):Person Discharging Managerial Responsibilities In Issuer
Name: Kustaa Poutiainen
Position: Member of the Board
Issuer: Bioretec Oy
LEI: 7437008736AG7HY51K13
Notification type: AMENDMENT
Reference number: 86452/4/4
Amendment comment:
This notice corrects the Management Transaction notice published on 29 November 2024 at 7:45, in which Kustaa Poutiainen was listed as a person subject to the notification requirement. The correct person subject to the notification requirement is Stephen Industries Inc Oy.
____________________________________________
Transaction date: 2024-11-28
Outside a trading venue
Instrument type: SHARE
ISIN: FI4000480454
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 350000 Unit price: 2 EUR
Aggregated transactions (1):
Volume: 350000 Volume weighted average price: 2 EUR
Further enquiries
Alan Donze, CEO, tel. +358 40 663 5011
Johanna Salko, CFO, tel. +358 40 754 8172
Certified adviser: Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
Bioretec is a globally operating Finnish medical device company that continues to pioneer the 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 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. The first RemeOs™ product market authorization has been received in the U.S. in March 2023, and in Europe, the CE mark approval process is currently ongoing. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
Bioretec Ltd – Managers’ transactions – Poutiainen
Bioretec Ltd – Managers’ transactions – Poutiainen
Bioretec Ltd Managers’ transactions 29 November 2024 at 7.45 a.m. EET
Bioretec Oy - Managers' Transactions
_______________________________________
Person subject to the notification requirement
Name: Kustaa Poutiainen
Position: Member of the Board/Deputy member
Issuer: Bioretec Oy
LEI: 7437008736AG7HY51K13
Notification type: INITIAL NOTIFICATION
Reference number: 86452/4/4
____________________________________________
Transaction date: 2024-11-28
Outside a trading venue
Instrument type: SHARE
ISIN: FI4000480454
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 350000 Unit price: 2 EUR
Aggregated transactions (1):
Volume: 350000 Volume weighted average price: 2 EUR
Further enquiries
Alan Donze, CEO, tel. +358 40 663 5011
Johanna Salko, CFO, tel. +358 40 754 8172
Certified adviser: Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
Bioretec is a globally operating Finnish medical device company that continues to pioneer the 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 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. The first RemeOs™ product market authorization has been received in the U.S. in March 2023, and in Europe, the CE mark approval process is currently ongoing. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
Bioretec Ltd: 3,000,000 new shares registered with the trade register
Bioretec Ltd: 3,000,000 new shares registered with the trade register
Bioretec Ltd Company announcement 28 November 2024 at 4.30 p.m. EET
THE INFORMATION CONTAINED IN THIS RELEASE IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA OR THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Bioretec Ltd ("Bioretec" or the "Company"), a pioneer in biodegradable orthopedic implants, announced on 27 November 2024 the result of the offering of new shares (the "Placing Shares") in a private placement to institutional and other qualified investors (the "Placing"). In the Placing, the Company issued a total of 3,000,000 Placing Shares. The Placing Shares have today been registered with the trade register maintained by the Finnish Patent and Registration Office.
Following the registration of the Placing Shares, the total number of registered shares in the Company is 23,336,858. The Placing Shares will be issued in the book-entry system (ISIN code FI4000480454) on or about 29 November 2024. After this, and registration on the investors' book-entry accounts, they will confer shareholder rights in the Company. The Placing Shares are expected to be ready for delivery to the investors against payment through Euroclear Finland Ltd on or about 2 December 2024.
Trading in the Placing Shares is expected to commence on Nasdaq First North Growth Market Finland on or about 2 December 2024.
Bioretec Ltd
Board of directors
Further enquiries
Alan Donze, CEO, +1 619 977 5285
Tomi Numminen, Chairman of the Board, +358 40 581 2132
Certified adviser
Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
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 approval process is currently on-going. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and to become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
Important notice
The distribution of this release may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, Singapore, South Africa or the United States or in any other jurisdiction in which publishing or distributing would be prohibited by applicable law. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
This release does not constitute a prospectus as defined in the Prospectus Regulation ((EU) 2017/1129, the "Prospectus Regulation") and as such, does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity.
This release is directed only to (A) persons who are outside the United States of America; (B) persons who are resident in a Member State of the European Economic Area and are a qualified investor (within the meaning of Article 2(1)(e) of the Prospectus Regulation)); and (C) as regards the United Kingdom, persons who are "Qualified Investors" within the meaning of Article 2(1)(e) of the Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018, who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (ii) high net worth entities; and (iii) and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any securities mentioned herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. No one who is not a Relevant Person shall act on the basis of this release.
The securities referred to in this release have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or under the securities laws of any state of the United States, and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. Subject to certain limited exceptions, the securities referred to in this release are being offered and sold only outside the United States.
Danske Bank acts only for and on behalf of the Company in connection with the Placing. Danske Bank does not hold any other party as their client or cannot be held accountable to advise other parties than the Company with regards to the Placing or other matters referred hereto.
Information to Distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that such Placing Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to any offering of the Placing Shares. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Danske Bank as the sole bookrunner, will only procure investors who meet the criteria of professional clients and eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.
Inside information: Bioretec Ltd successfully completes private placement raising EUR 6 million
Inside information: Bioretec Ltd successfully completes private placement raising EUR 6 million
Bioretec Ltd Inside information 27 November 2024 at 10.15 p.m. EET
THE INFORMATION CONTAINED IN THIS RELEASE IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA OR THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Bioretec Ltd ("Bioretec" or the "Company"), a pioneer in biodegradable orthopedic implants, hereby announces the result of the offering of new shares (the "Placing Shares") in a private placement to institutional and other qualified investors (the "Placing"). The Company announced the launch of the Placing by way of a company release published on 27 November 2024. Bioretec raises gross proceeds of EUR 6.0 million in the significantly oversubscribed Placing.
The proceeds from the Placing will be used to strengthen the commercialization of RemeOs™ Trauma Screws in the U.S. and in Europe upon the receipt of market authorization in Europe and to accelerate the product development of the RemeOs™ Spinal Interbody Cage following the Breakthrough Device Designation status granted by the US Food and Drug Administration (the FDA) on 14 March 2024 by initiating the preclinical large animal trial at the end of the year 2024.
In the Placing, the Company expects to issue a total of 3,000,000 Placing Shares in a directed share issue. The Placing Shares represent approximately 14.8 per cent of the issued shares in Bioretec prior to the Placing and approximately 12.9 per cent of the issued shares in Bioretec following the Placing. The total number of issued shares in the Company after the Placing will be 23,336,858.
The subscription price of the Placing Shares is EUR 2.00 per Placing Share, corresponding to a discount of 2.9 per cent to the closing price of EUR 2.06 on First North Growth Market Finland immediately prior to the commencement of the Placing on 27 November 2024. The subscription price shall be recorded in the invested unrestricted equity reserve.
The Placing was carried out based on offers received in an accelerated book building and based on the authorization granted to the board of directors by the Company's annual general meeting of 26 April 2024. The Placing Shares were allocated to long-only institutional investors. In addition, Placing Shares were allocated to Stephen Industries Inc Oy, a company controlled by Kustaa Poutiainen, a member of the board of directors of the Company, which holds more than 10 per cent of all shares in the Company. More than 10 per cent of the Placing Shares were allocated to Stephen Industries Inc Oy. Kustaa Poutiainen did not participate in the decision making regarding the Placing. The Placing was significantly oversubscribed.
The Placing Shares (ISIN code FI4000480454) will be registered with the trade register maintained by the Finnish Patent and Registration Office on or about 28 November 2024. The Placing Shares are expected to be ready for delivery to the investors against payment through Euroclear Finland Oy on or about 2 December 2024.
Trading in the Placing Shares is expected to commence on Nasdaq First North Growth Market Finland on or about 2 December 2024.
"We are very pleased with the strong response to our share issue, which reflects the confidence investors have in our vision and strategy for the company's growth. The success of this offering not only strengthens our financial position but also enables us to accelerate key initiatives in commercialization of our RemeOs™ Trauma Screw and development of our future product pipeline. We remain committed to delivering value for our shareholders and thank both our existing and new investors for their trust and support during this pivotal moment. Together, we are poised to seize the opportunities ahead and achieve long-term success", comments Alan Donze, the CEO of the Company.
Danske Bank A/S, Finland Branch is acting as the sole bookrunner of the Placing. Krogerus Attorneys Ltd is acting as the legal counsel to the Company and Borenius Attorneys Ltd is acting as the legal counsel to the sole bookrunner.
Bioretec Ltd
Board of directors
Further enquiries
Alan Donze, CEO, +1 619 977 5285
Tomi Numminen, Chairman of the board of directors, +358 40 581 2132
Certified adviser
Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
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 approval process is currently on-going. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and to become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
Forward-looking statements
This company release includes forward-looking statements which are not historical facts but statements regarding future expectations instead. These forward-looking statements include without limitation, those regarding Bioretec's future financial position and results of operations, the Company's strategy, objectives, future developments in the markets in which the Company participates or is seeking to participate or anticipated regulatory changes in the markets in which the Company operates or intends to operate. In some cases, forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other comparable terminology.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and are based on numerous assumptions. The Company's actual results of operations, including the Company's financial condition and liquidity and the development of the industry in which the Company operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this company release.
Important notice
The distribution of this release may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restrictions. The information contained herein is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, Singapore, South Africa or the United States or in any other jurisdiction in which publishing or distributing would be prohibited by applicable law. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This release is not directed to, and is not intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
This release does not constitute a prospectus as defined in the Prospectus Regulation ((EU) 2017/1129, the "Prospectus Regulation") and as such, does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy, acquire or subscribe for, any securities or an inducement to enter into investment activity.
This release is directed only to (A) persons who are outside the United States of America; (B) persons who are resident in a Member State of the European Economic Area and are a qualified investor (within the meaning of Article 2(1)(e) of the Prospectus Regulation)); and (C) as regards the United Kingdom, persons who are "Qualified Investors" within the meaning of Article 2(1)(e) of the Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018, who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); (ii) high net worth entities; and (iii) and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any securities mentioned herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons. No one who is not a Relevant Person shall act on the basis of this release.
The securities referred to in this release have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or under the securities laws of any state of the United States, and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. Subject to certain limited exceptions, the securities referred to in this release are being offered and sold only outside the United States.
Danske Bank acts only for and on behalf of the Company in connection with the Placing. Danske Bank does not hold any other party as their client or cannot be held accountable to advise other parties than the Company with regards to the Placing or other matters referred hereto.
Information to Distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that such Placing Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to any offering of the Placing Shares. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Danske Bank as the sole bookrunner, will only procure investors who meet the criteria of professional clients and eligible counterparties.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.
Inside information: Bioretec Ltd launches an accelerated book-building process to raise approximately EUR 5 million through a private placement of new shares
Inside information: Bioretec Ltd launches an accelerated book-building process to raise approximately EUR 5 million through a private placement of new shares
Bioretec Ltd Inside information 27 November 2024 at 6:30 p.m. EET
THE INFORMATION CONTAINED IN THIS RELEASE IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA OR THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Bioretec Ltd ("Bioretec" or the "Company"), a pioneer in biodegradable orthopedic implants, hereby announces its intention to issue new shares (the "Placing Shares") in a private placement to institutional and other qualified investors (the "Placing") to raise approximately EUR 5 million in gross proceeds.
The number of Placing Shares and their subscription price will be decided based on offers received in an accelerated book building. Danske Bank A/S, Finland Branch ("Danske Bank") is acting as the sole book-runner of the Placing. The result of the Placing will be published as a company announcement after the completion of the book building. The book building will be launched immediately following the publication of this company announcement. The book-building can be discontinued or extended at any time during the book-building process.
The purpose of the contemplated Placing is to raise funds to strengthen the commercialization of RemeOs™ Trauma Screws in the US and in Europe upon the receipt of market authorization in Europe and to accelerate the product development of the RemeOs™ Spinal Interbody Cage following the Breakthrough Device Designation status granted by the US Food and Drug Administration (the FDA) on 14 March 2024 by initiating the preclinical large animal trial at the end of the year 2024.
The Placing will be carried out based on the authorization granted to the board of directors by the Company's annual general meeting of 26 April 2024.
Subject to the completion of the Placing, the Placing Shares (ISIN code FI4000480454) will be registered with the trade register maintained by the Finnish Patent and Registration Office on or about 28 November 2024. The Placing Shares are expected to be ready for delivery to the investors against payment through Euroclear Finland Oy on or about 2 December 2024. Trading in the Placing Shares is expected to commence on Nasdaq First North Growth Market Finland on or about 2 December 2024.
The Company intends to enter into customary lock-up undertaking for a period of 180 days in connection with and subject to completion of the Placing.
The Company estimates that considering its current business plan and the targeted size of the Placing, the gross proceeds raised in the Placing will be sufficient for approximately 8 months. In order to reach positive cash flow from operating activities by the end of the year 2027, in accordance with the current business plan, the Company estimates that it will require approximately EUR 18 million in total external funding. Any licensing income or milestones achieved by the Company during the upcoming commercialization stages will have an effect on the estimate above.
In preparing for the Placing, the board of directors of the Company has made an overall assessment and considered various capital raising alternatives, including the possibility to raise capital through a rights issue. After careful consideration, the board of directors has determined that a directed share issue by way of the Placing in deviation from the shareholders' pre-emptive rights is a better alternative for the Company's shareholders than a rights issue. A rights issue would entail a significantly longer execution time and thereby increased market exposure and a higher potential risk of affecting the share price negatively, particularly in a volatile and challenging market, compared to a directed share issue. The cost of carrying out a directed share issue is deemed to be lower than in a rights issue where, among other things, there would be a risk that a rights issue would not be fully subscribed and significant underwriting commitments from an underwriting syndicate would possibly have to be procured. Further, the board of directors has a positive view on an increased shareholding in the Company among institutional investors and other qualified investors because of their nature as long-term investors, who are able to offer substantial capital investments cost-effectively. Consequently, and taking into account the Company's plan to speed-up the commercialization of RemeOs™ Trauma Screw products, product development strategy and the accelerated timeline for the development of the RemeOs™ Spinal Interbody Cage, when comparing a potential rights issue and a directed share issue and their respective implications on costs and timelines for the commercialization of the products and product development strategy, the board of directors views that the Placing allows the Company to obtain financing on terms and in a timetable that will be more beneficial than terms that would otherwise be available, and therefore weighty financial reasons exist for deviating from the pre-emptive rights of the shareholders.
By determining the subscription price in the Placing through an accelerated book building, it is the assessment of the board of directors that the subscription price will be set on market terms.
Danske Bank is acting as the sole bookrunner of the Placing. Krogerus Attorneys Ltd is acting as the legal counsel to the Company and Borenius Attorneys Ltd is acting as the legal counsel to the sole bookrunner.
Bioretec Ltd
Board of directors
Further enquiries
Alan Donze, CEO, +1 619 977 5285
Tomi Numminen, Chairman of the Board, +358 40 581 2132
Certified adviser
Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
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 approval process is currently ongoing. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and to become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
Forward-looking statements
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Information to Distributors
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that such Placing Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to any offering of the Placing Shares. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Danske Bank as the sole bookrunner, will only procure investors who meet the criteria of professional clients and eligible counterparties.
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Bioretec signed a new sales and distribution agreement to accelerate the commercialization of RemeOs™ Trauma Screw in the U.S. civilian hospital market
Bioretec signed a new sales and distribution agreement to accelerate the commercialization of RemeOs™ Trauma Screw in the U.S. civilian hospital market
Bioretec Ltd Press release 22 November 2024 at 9:30 a.m.EET
Bioretec Ltd, a pioneering company dedicated to advancing biodegradable orthopedic implants, is moving ahead with the next phase of the commercialization of its innovative RemeOs™ Trauma Products in the U.S. market. As a continuation to the previously signed logistics agreement with GlobalMed Logistix, Bioretec strengthens now its commercialization efforts by signing a new sales and distribution agreement with Tri-State Biologics (TSB), which is a distributor of medical and surgical products based in New Jersey. TSB is a leading medical solutions provider with 18 sales representatives dedicated to breaking the mold of traditional medical device distribution. Signing of the agreement will enable the smooth sales and distribution of implants and instrument sets to hospitals within Greater New York City, Philadelphia, New Jersey, Connecticut, and Massachusetts area covering one of the most populated areas of the United States.
As part of the next phase of the RemeOs™ Trauma Screw commercialization, Bioretec aims to sign more new local sales and distribution agreements to serve civilian hospitals in the U.S. while Spartan Medical continues to serve the military and veteran hospitals.
“We are happy to announce this sales and distribution agreement with a partner who is innovative in forming medical product distribution streams in the U.S. The initial controlled launch of RemeOs™ Trauma Screws in the U.S. yielded excellent patient results, with a notable number of surgeries and successful post-healing follow-ups. This success lays the groundwork for entering the second phase of commercialization for RemeOs™ products in the U.S. and driving demand within the surgeon community”, says Alan Donze, CEO of Bioretec Ltd.
Further enquiries
Alan Donze, CEO, tel. +358 40 663 5011
Johanna Salko, CFO, tel. +358 40 754 8172
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 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. The first RemeOs™ product market authorization has been received in the U.S. in March 2023, and in Europe, the CE mark approval process is currently ongoing. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
The commercialization of Bioretec’s RemeOs™ Trauma Screw in the U.S. proceeds with the signing of new logistics agreement
The commercialization of Bioretec’s RemeOs™ Trauma Screw in the U.S. proceeds with the signing of new logistics agreement
Bioretec Ltd Press release 20 November 2024 at 3:30 p.m. EET
Bioretec Ltd, a pioneering company dedicated to advancing biodegradable orthopedic implants, is moving ahead with the next phase of commercializing its innovative RemeOs™ Trauma Products in the U.S. market. Bioretec strengthens its operational efforts by entering into a new logistics agreement with a partner providing customer support services for U.S. operations. This agreement with GlobalMed Logistix (GMLx), a leader in healthcare logistics, will enable the smooth import and distribution of implants and instrument sets to hospitals throughout the country, which secures high service levels for customers in the U.S. market. GMLx has its own logistics center on the east coast of the United States, which serves the distribution of Bioretec’s products through its nationwide network.
“The initial controlled launch of RemeOs™ Trauma Screws in the U.S. yielded excellent patient results, with a notable number of surgeries and successful post-healing follow-ups. This success lays the groundwork for entering the second phase of commercialization for RemeOs™ products in the U.S. and driving strong demand within the surgeon community. This agreement evidences our commitment to the RemeOs™ Trauma Product line, its commercialization, and the strengthening of distribution channels in the U.S.”, says Alan Donze, CEO of Bioretec Ltd.
Further enquiries
Alan Donze, CEO, tel. +358 40 663 5011
Johanna Salko, CFO, tel. +358 40 754 8172
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 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. The first RemeOs™ product market authorization has been received in the U.S. in March 2023, and in Europe, the CE mark approval process is currently ongoing. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
Bioretec Ltd’s business review January–September 2024: Launch of the RemeOs™ Trauma Screw in the U.S. is proceeding to the next phase, EU authorization in the final stage
Bioretec Ltd’s business review January–September 2024: Launch of the RemeOs™ Trauma Screw in the U.S. is proceeding to the next phase, EU authorization in the final stage
Bioretec Ltd Company announcement 14 November 2024 at 8:45 a.m.
This announcement summarizes Bioretec Ltd’s business review for January–September 2024. The complete business review is attached to this release as a PDF file and available on the company’s website at https://bioretec.com/investors/investors-in-english/releases.
July – September 2024 in brief
- Net sales amounted to EUR 685 thousand (7–9/2023: EUR 483 thousand).
- The sales margin (excl. other income) was EUR 499 (397) thousand, or 72.9% (82.2%). The main reasons for the lower sales margin percentage were related to the foreign currency exchange rate impacts, China’s volume-based procurement policy effect, and the opening of the direct sales channel in Germany.
- The result for the reporting period amounted to EUR -1,367 (-1,013) thousand.
January–September 2024 in brief
- Net sales amounted to EUR 2,746 thousand (1–9/2023: EUR 2,373 thousand).
- The sales margin (excl. other income) was EUR 1,951 (1,724) thousand, or 71.0% (72.6%). The main reasons for the lower sales margin percentage were related to the foreign currency exchange rate impacts, China’s volume-based procurement policy effect, and the opening of the direct sales channel in Germany.
- EBITDA was EUR -3,217 (-2,108) thousand. EBITDA was burdened by increased personnel costs due to headcount growth and additional fixed costs relating to U.S. commercialization and R&D projects.
- The result for the reporting period amounted to EUR -3,251 (-3,088) thousand. The result for the comparison period included the cost of financing arrangement amounting to EUR 795 thousand.
This business review is unaudited. This is Bioretec’s first business review for the third quarter, and comparison period figures have not been published earlier.
Key figures
|
EUR 1,000 unless otherwise noted |
7–9/2024 |
7–9/2023 |
Change |
1–9/2024 |
1–9/2023 |
Change |
1–12/2023 |
|
Net sales |
685 |
483 |
41.9% |
2,746 |
2,373 |
15.7% |
3,906 |
|
Sales margin |
562 |
415 |
35.3% |
2,084 |
1,742 |
19.6% |
2,810 |
|
Sales margin (excl. other income) |
499 |
397 |
25.8% |
1,951 |
1,724 |
13.2% |
2,728 |
|
Sales margin, % of net sales |
82.0% |
86.0% |
|
75.9% |
73.4% |
|
71.9% |
|
Sales margin, % (excl. other income) |
72,9% |
82.2% |
|
71.0% |
72.6% |
|
69.8% |
|
EBITDA |
-1,353 |
-978 |
38.2% |
-3,217 |
-2,108 |
52.6% |
-2,833 |
|
EBIT |
-1,395 |
-1,029 |
35.5% |
-3,316 |
-2,262 |
46.6% |
-3,034 |
|
Profit/-loss for the period (+/-) |
-1,367 |
-1,013 |
35.0% |
-3,251 |
-3,088 |
5.3% |
-3,789 |
|
R&D spend on total costs, % |
23.1% |
24.2% |
|
24.2% |
27.4% |
|
25.6% |
|
Equity ratio, % |
73.1% |
82.2% |
|
73.1% |
82.2% |
|
77.3% |
|
Cash and cash equivalents at the end of the period |
2,377 |
8,483 |
-72.0% |
2,377 |
8,483 |
-72.0% |
6,910 |
|
Number of personnel at end of the period |
44 |
32 |
37.5% |
44 |
32 |
37.5% |
37 |
Key events during July – September 2024
- In September 2024, the following persons were appointed to Bioretec’s Shareholders' Nomination Board: Kustaa Poutiainen, Chair and Founder of Stephen Industries Inc Oy as Chair and Karoliina Lindroos, Head of Responsible Investment of Ilmarinen Mutual Pension Insurance Company and Marko Berg, Deputy Investment Officer of University of Helsinki, as members. The Chairman of the Board of Bioretec acts as an expert to the Nomination Board.
Alan Donze, CEO of Bioretec Ltd:
” As I reflect on my first 100 days as CEO, I am both proud of the strides we have made and energized by the opportunities ahead for Bioretec. Our commitment to innovation and growth remains unwavering, and our transition into the second phase of the RemeOs™ Trauma Screw launch in the U.S. marks a pivotal moment in our strategy. Our preparations to expand the distribution of the RemeOs™ Trauma Screw from a select group of hospitals to a broader network in the U.S. are progressing alongside the necessary timelines for the U.S. 510(k) approval process for the RemeOs™ cannulated screw and other configurations. In recent months, we have developed plans to expand our U.S. distribution channels, identified key distributor partnerships, and laid the groundwork for our growth platform.
Bioretec achieved a 42% increase in net sales compared to Q3 of the previous year, primarily due to heightened demand in Asia. Although the delay of regulatory approvals for RemeOs™ has affected our H2 revenue, we are optimistic about our pent-up sales growth after receiving these approvals. In the third quarter, despite a slight dip in our sales margin influenced by China’s volume-based procurement policies, we remain confident in the positive development of our U.S. and EU business profit margins.
In October, we refined our product development strategy by accelerating the advancement of the RemeOs™ Spinal Interbody Cage. The positive results from simulations and technological proofs of concept for this device have reinforced our belief in its potential to transform spinal treatment options. The market opportunity is substantial, with projections indicating that the market for the Spinal Interbody Cage could reach around EUR 2.3 billion by 2028, and the total addressable market for our proprietary magnesium alloy and hybrid composite-based applications could be approximately EUR 8.1 billion in the same timeframe.
This acceleration of product development does not signify a departure from our core strategy. We remain fully committed to the RemeOs™ trauma product line and its commercialization in the U.S. and worldwide. We anticipate strong revenue growth from the second phase of the RemeOs™ Trauma Screw U.S. product launch from 2025 onwards.
The initial controlled launch of RemeOs™ Trauma Screws in the U.S. yielded excellent patient results, with a notable number of surgeries and successful post-healing follow-ups. This success lays the groundwork for entering the second phase of commercialization for RemeOs™ products in the U.S. and driving strong demand within the surgeon community.
While we wait for the first CE approval and the next U.S. market approvals, our focus will be on readiness for market demand by supporting our logistics partners, distributors, hospitals, and surgeons to immediately be prepared to incorporate RemeOs™ products in their patient procedures.
In summary, I am excited about our progress and the unique opportunities that lie ahead. Together, we are poised to solidify Bioretec’s position as a leader in innovative medical solutions, and I look forward to sharing our journey with all stakeholders.”
Progress in the commercialization of RemeOs™ trauma screw
Completed steps:
- RemeOs™ Trauma Screw received Breakthrough Device Designation -status in the U.S. from the FDA in September 2021.
- RemeOs™ Trauma Screw application for the CE mark and market authorization in Europe was submitted to the European Notified Body in December 2021.
- RemeOs™ Trauma Screw application for marketing authorization in the U.S. was submitted to the FDA in May 2022.
- FDA granted market authorization to start the sales of RemeOs™ Trauma Screw in the U.S. in March 2023. This approval was the first market authorization granted by the FDA for a magnesium-based resorbable bone fixation implant in the U.S.
- Bioretec entered into a distribution agreement in the U.S. with Spartan Medical in September 2023. Spartan Medical is specialized in supplying medical devices for the U.S. government (military and veteran hospitals), and the distribution agreement allowed Bioretec to initiate the controlled launch phase of the commercialization of the RemeOs™ trauma screw in the U.S.
- Bioretec strengthened the marketing and sales experience and know-how especially in U.S. markets:
- In May 2024 the company appointed Mr. Alan Donze as the CEO. Alan has a long experience in commercialization of medical devices in U.S.
- In June 2024 the company appointed Mr. Frank Sarcone as Vice President of Sales for the USA. Frank has an extensive background in sales operations of medical devices in U.S.
- In preparation for the RemeOs™ Trauma Screw product launch in Europe, the company appointed Ms. Michaela Knigge to lead the direct sales activities in Central Europe.
- Bioretec announced 100% healing rate with the patients treated during the controlled product launch phase of RemeOs™ Trauma Screw in the U.S. in June 2024.
- In the U.S., Bioretec submitted a 510(k)-registration application for the FDA to widen the product range of the RemeOs™ Trauma Screw to increase market penetration.
Next steps:
- Bioretec shall further strengthen the operational efforts in the U.S. by entering into a new logistics agreement with a partner providing customer support service for the U.S. operations. This will enable smooth importation and distribution of implants and instrument sets to hospitals throughout the country.
- Bioretec shall also further strengthen the commercialization efforts in the U.S. by entering into new local distribution agreements to serve private hospitals as part of the next phase of the RemeOs™ Trauma Screw commercialization.
- In Europe, the company is waiting for the final approval of the Notified Body to enter the product launch phase. The company has not been given any specific timeline for the receival of the CE-mark, however, all documentation required by the Notified Body has been delivered to the authorities, and final stages of the process are ongoing.
- The approval process in Europe has been long due to an extensive regulatory transition from MDD to MDR. All companies within the industry are suffering from the consequences of these changes in terms of prolonged handling times of new product approvals and the re-registration of old products.
Significant events after the review period
- Bioretec's Board of Directors updated on 4 October 2024 the company's product development strategy by accelerating the product development of the RemeOs™ Spinal Interbody Cage. In order to move into the next stages of RemeOs™ Trauma Screw commercialization processes in U:S. and in Europe and to support the acceleration of RemeOs™ Spinal Interbody Cage development, Bioretec is reviewing different financing alternatives and has engaged Danske Bank A/S, Finland Branch as a financial advisor.
- Bioretec's Board of Directors updated on 4 October 2024 Bioretec’s financial targets as follows:
- Reach net sales of EUR 65 million by the end of the year 2028 and to reach net sales in excess of EUR 100 million by the end of the year 2030 (previous target: EUR 62 million by the end of the year 2027); and
- Reach positive cash flow from operating activities by the end of 2027 (previous target: by the end of 2026).
Financial reporting in 2025
Bioretec will publish its financial calendar for 2025 in December 2024.
Tampere, 14 November 2024
Board of Directors
Bioretec Ltd
Further inquiries:
Alan Donze Johanna Salko
CEO CFO
+358 40 663 5011 +358 40 754 8172
alan.donze@bioretec.com johanna.salko@bioretec.com
Certified advisor:
Nordic Certified Adviser AB, p. +46 70 551 67 29
Information about Bioretec
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 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. The first RemeOs™ product market authorization has been received in the U.S. in March 2023, and in Europe, the CE mark approval process is currently ongoing. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com
Appendix
Bioretec Ltd’s business review January–September 2024 (pdf)
Inside information: Bioretec updates its financial targets
Inside information: Bioretec updates its financial targets
Bioretec Ltd Company announcement 4 October 2024 at 2:31 p.m. EEST
Bioretec Ltd announced today, 4 October 2024, that Bioretec's board of directors had decided to update the company's product development strategy by accelerating the product development of the RemeOs™ Spinal Interbody Cage following the granting of Breakthrough Device Designation status by the US Food and Drug Administration on 14 March 2024.
Due to the acceleration of the product development of the RemeOs™ Spinal Interbody Cage, Bioretec's Board of Directors has today updated Bioretec's financial targets as follows:
- reach net sales of EUR 65 million by the end of the year 2028 and to reach net sales in excess of EUR 100 million by the end of the year 2030 (previous target: EUR 62 million by the end of the year 2027); and
- reach positive cash flow from operating activities by the end of the year 2027 (previous target: by the end of the year 2026).
The previously communicated EUR 62 million net sales target and the timing of reaching cash flow positive stage from operating activities have been changed due to the delay in receiving market authorization of RemeOs™ Trauma Screw in Europe. The market authorization is in its final stages in Europe, but there is no exact information available from the notified body on the exact timeline at this stage. Due to acceleration of the product development of the RemeOs™ Spinal Interbody Cage the increase in net sales is expected to be faster from year 2028 onwards.
Further enquiries
Alan Donze, CEO, tel. +1 619 977 5285, alan.donze@bioretec.com
Johanna Salko, CFO, tel. +358 40 754 8172, johanna.salko@bioretec.com
Certified Adviser:
Nordic Certified Adviser AB, +46 70 551 67 29
Information about Bioretec
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 approval process is currently on-going. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and to become a game changer in surgical bone fracture treatment.
Better healing – Better life. www.bioretec.com