Biovotec AS recently received notice that the company has passed phase 1 in the Horizon 2020 SME Instrument process, which is a concept and feasibility assessment directed at small and medium sized enterprises. The company is developing its DERMAREP product range for cost-effective biological solutions for initial treatment of all wounds at risk of delayed or non-healing. The product range is based on a novel and readily available biomaterial derived from eggshell membrane, which is a product from the industrial egg cracking industry.
Onlyaround 6 percent of the applicants pass phase 1, and while the grant is limited to Euro 50.000, the selected SMEs are in a good position to succeed in the second phase of the program, in which applicants can receive between €0.5 and 2.5 million to finance innovation activities such as demonstration, testing, piloting, scaling up, and miniaturization. The beneficiaries will also develop their business plan.
This is not only an application to receive grants, it is an important instrument to obtain an international and very credible verification of your business case and an assessment of the project's market potential at an early stage - Ralf Schmidt, CEO at Biovotec
Ralf Schmidt has an extensive track record in the life science industry, as a former Managing Director at Axis Shields POC Norway, Operational responsible at Dynal Biotech and senior management positions including CEO roles in several publicly listed companies.
"The fact that we have been scrutinized by a team of highly qualified experts gives us an international recognition and credibility, and makes us more interesting for international investors. Since the news broke, I immediately received invitations from outside Norway to present the company", Schmidt says.
"I would like to give honor to Oslo Medtech and its EU service for all the help they have provided. We would not have been able to formulate such a good application on our own."
The SME Instrument phase 1 assessment confirms Ralf Schmidt and Biovotec's own assessments of the market potential of the company's solution for advanced wound care products.
According to the company, the projected market for advanced wound healing dressings in the major EU markets in 2018 is Euro 1.1 billion. In 2012, the global market for advanced wound care products was approximately USD 3 billion with an annual growth rate above 10 percent.
Extract from Oslo MedTech's Newsletter