Biovotec Obtains Fast Track to Innovation EU Grant
Biovotec has been awarded a Fast Track to Innovation grant under the SME Instrument financing scheme of the Horizon 2020.
Fast Track to Innovation (FTI) is a fully bottom up innovation support program, promoting close-to-market innovation activities, open only to industry-driven consortia. All proposals are built on a business plan and focus foremost on achieving high impact: a high degree of novelty comes with a high chance of success.
The success rate to get awarded an FTI is below 5% which gives Biovotec a highly credible verification of the business case and an assessment of the project's market potential. Biovotec is also one of the very few companies which have received both SME1; SME2 and FTI under the Horizon 2020 program, indicating that Biovotec is addressing a Pan European need with a product of potential high impact.
The goal of Biovotec FTI project called DermaRep™ is, upon obtaining the CE mark to perform a statistical relevant clinical trial, comparing the performance of DermaRep™ against present standard of care in different European countries. This is expected to lay the basis for reimbursement in several European countries. In addition, the present production supply chain will be optimized to allow for future demand and reduce the cost of the device further.