The funding will accelerate market entry and support the company’s growth vision
EU has awarded Biomendex Oy a grant of up to €2,2M for conducting clinical trials, scaling up production and for go-to-market activities of the AdaptosTM product over the next 24 months.
The funding was granted under the European Innovation Council (EIC) pilot known as the Horizon 2020 SME Instrument Phase 2 program that supports innovative small and medium-sized companies. The program offers Europe’s pre-eminent innovators the chance to step forward and request funding for breakthrough ideas with the potential to create entirely new markets or revolutionize existing ones.
The total budget for the project is €3,2M of which Biomendex will contribute roughly €1M. The project will commence in the beginning of October.
This highly coveted funding is awarded to less than five percent of applicants. The EIC evaluates the projects using three criteria: impact, excellence, and execution. Key considerations in the impact criteria are the scalability of the innovation and the potential to generate significant revenue. In addition to meeting these criterial,
The company’s founding team convinced the EU-appointed jury of international technology and business experts about the potential and significance of the AdaptosTM product and the company’s ability to compete effectively in the orthobiologics sector. The CEO of Biomendex, Dr. Kaarlo Paakinaho, remarks: “EU funding significantly accelerates AdaptosTM product development for orthopaedic applications and also enables us to increase surgeon awareness. The awarding of this highly sought-after and hard-to-win funding to Biomendex is a clear sign that also external experts see that AdaptosTM is truly a major surgical innovation with significant growth potential. We are excited that despite the company’s young age, we can now proceed full steam ahead in improving patient care while simultaneously cutting healthcare costs. Personally, I’m thrilled to see my vision from ten years ago coming to life.”
The funding enables Biomendex to increase its clinical, product development and go-to-market investments and resources. Biomendex will immediately start recruitments to execute the project.
Dr. Kaarlo Paakinaho
For further information, please contact:
Heidi Hinkka, CFO, tel. +358 40 5562993
This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 880897.