Inion Wins Euro 1.9m Grant Funding to Develop OPTIMAPLUS(tm) Bioactive and Biodegradable Materials Platform
Inion has secured a Euro 1.9m grant from the Finnish Technology funding body TEKES. The matching grant will be used to fund 50% of a three-year Euro 3.8m project as part of the Company's development plans for its next-generation materials technology OPTIMAPLUSTM. The remaining half will be funded by Inion from the proceeds of its IPO.
OPTIMAPLUSTM is a new family of biodegradable and bioactive materials that will be used to produce medical implants that are designed to reduce significantly the healing time of common bone injuries like fractures. The key ingredient, which is responsible for the additional property of bioactivity is called NMP (N-methyl-pyrrolidone), a widely used and FDA-approved solvent for water insoluble drugs, which in research models has demonstrated accelerated bone healing.
The development project will be conducted at the Company's research facilities in Cambridge, UK and Tampere, Finland, and as a result, new scientists are being recruited in both locations. The grant will accelerate the development programme of OPTIMAPLUSTM and, pending positive results, Inion intends to gradually make available this new bioactive and biodegradable material option to its entire range of biodegradable implants over subsequent years.
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