One of the most promising biotech companies in Cyprus currently is Promed Bioscience. They produce collagen-based biomaterials including highly purified medical-grade atelocollagen among others. They have announced the closing of €800K in funding led by ASBIS Enterprises.
The investment will catapult Promed Bioscience into its next growth phase as it pursues the development of advanced collagen products for research and clinical applications. The funds will be used to scale up Promed Bioscience’s production capacity, accelerate its expansion in the United States and the major European and Asian regions and facilitate its ascent as a major player in the global regenerative medicine market. This market is currently valued at over USD 5 billion.
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.
Promed Bioscience, founded in 2017 by a multidisciplinary team of scientists and entrepreneurs, produces highly purified medical-grade collagen extracted from porcine tissues that 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.
ASBIS Enterprises is a leading value-added distributor, developer and supplier of IT and IoT products, solutions and services in the growing markets of Europe, Middle East and
Africa. In addition, they have a long-standing interest in the biotechnology and healthcare sectors and their own Perenio brand even includes a Smart Health division that is focused on innovative solutions for personal health.
“We are excited to add ASBIS as an investor and strategic partner to help further fuel our already established US commercial activities while expanding our network in Europe, Asia and the Middle East,” said Costas Pitsillides, Promed Bioscience’s cofounder and CEO.
“The development of our state-of-the-art facilities that are housed in the brand new ASBIS high-tech cluster will expedite our plans to manufacture collagen for R&D and clinical applications under GMP and ISO conditions. More importantly, this partnership will bring us even closer to becoming a major worldwide supplier of novel biomaterials in the rapidly evolving regenerative medicine space.” Costas continued.
“Scientific innovations are the path forward to a healthier society and that is why we are investing in a company that is poised to play an important role in such a future-oriented and rapidly evolving field as regenerative medicine,” said Serhei Kostevitch, CEO of ASBIS.
“I am convinced that our investment will foster even greater innovation and will initiate new ways of thinking that can lead to novel discoveries with a global impact.” Serhei concluded.
Promed is also a portfolio company of the KV Kinisis Ventures Fund. They are the first CySEC-registered venture capital fund focusing primarily on Cypriot start-ups and leveraging the investment advisory team’s US experience. They are helping disruptive Cypriot innovations that can differentiate, compete and scale primarily in the USA as well as in other key international markets.