Broadliner ASBIS has invested €800k in the Promed Bioscience Ltd, a biotechnology company that is working on developing advanced collagen biomaterials for research and clinical applications.
The funds will be used to expand the company’s production capacity, accelerate its further expansion in the United States as well as in the European and Middle East region, and contribute to furthering Promed Bioscience's position as a major player in the global regenerative medicine market, currently valued at over €5B.
This is yet another investment by ASBIS in a company from the biotechnology sector. The first was EMBIO Diagnostics company in which ASBIS invested €1m in December 2021.
Promed Bioscience is a Cypriot biotechnology company founded in 2017 by a multidisciplinary team of scientists and entrepreneurs, that produces collagen-based biomaterials, including highly purified medical-grade atelocollagen from animal tissues, can be used in various formulations to replace the body’s native collagen and serve as the biomaterial of choice in advanced clinical applications such as 3D bioprinting, tissue engineering, organ regeneration and novel drug delivery systems.
Siarhei Kostevitch, CEO of ASBIS Group, commented: “ASBIS has long talked about diversifying its business, and biotechnology is one of those segments that we are interested in. Scientific innovation is the path to a healthier society, so we are investing in a company that can play an important role in such a future-oriented and rapidly evolving field as regenerative medicine. We are also glad that Promed Bioscience joins our High Tech Cluster in Limassol. I am convinced that this will foster even greater innovation and will initiate new ways of thinking that can lead to novel discoveries with a global impact."
Collagen is a protein found in connective tissue, skin, tendon, bone and cartilage. It provides structural support to tissues to combat the breakdown and loss of connective tissue from daily wear and tear, injury or disease. Scientists also use collagen in routine cell culture applications as it provides a natural scaffold for cells to grow under conditions like those found within the human body.
Costas Pitsillides, Co-founder and CEO of Promed Bioscience, commented: “we are pleased that ASBIS is joining us as an investor and strategic partner who will help us further develop not only our already established commercial activity in the USA, but also expand our sales network in Europe and the Middle East. The development of state-of-the-art laboratories, which are housed in the brand new ASBIS High-Tech Cluster, will accelerate our plans for producing collagen for R&D and clinical applications under GMP and ISO conditions. More importantly, this partnership will bring us even closer to becoming one of the world's premier suppliers of innovative biomaterials in the rapidly expanding space of regenerative medicine.”