BIOMEDICAL RESEARCH NEWS, AND ARTICLES
PROMED BIOSCIENCE RECEIVES €800K INVESTMENT TO DEVELOP ADVANCED COLLAGEN PRODUCTS
ASBISc Enterprises Plc Invests in Biotech Start-Up to Fuel Growth
LIMASSOL, CYPRUS (Nov 09, 2022) – Promed Bioscience, a biotech company that produces collagen-based biomaterials including highly purified medical-grade atelocollagen, announces the closing of €800K in funding led by ASBIS Enterprises Plc. 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 (currently valued at over USD 5 billion).
ASBIS Enterprises Plc 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. ASBIS has 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 U.S. 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.”
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 (a Kinisis Ventures Fund I portfolio company) 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. Promed Bioscience sources its collagen from animal tissue using proprietary methods to not only ensure its collagen biomaterials retain superior quality, are highly purified, chemically and thermally stable, but are also biocompatible, biodegradable and maintain the triple helical structure and fibrillar nature of collagen.
“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 Group. “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.”
About Promed Bioscience
Promed Bioscience, founded in 2017 by a multidisciplinary team of scientists and entrepreneur,s is a biotech company that produces collagen-based biomaterials, including highly purified medical-grade atelocollagen, to address emergent needs in the research and medical fields. Promed Bioscience aims to provide science-based solutions as the aging of the population presents new challenges to health and wellbeing by developing high quality collagen products from animal tissue and distributing them internationally for a wide range of research, clinical and cosmeceutical applications.
About ASBISc Enterprises Plc
ASBIS Group is a leading Value Add Distributor, developer and provider of IT, IoT products, solutions and services to the markets of Europe, the Middle East and Africa (EMEA) with local operations in Central and Eastern Europe, the Baltic republics, the former Soviet Union, the Middle East and North Africa.
The business of ASBIS is based on three pillars:
- Distribution of hardware and software for Client Computing and Data Centers, consumer electronics thru:
- Retail chains and e-tailers
- Resellers to small and medium business
- Large enterprises.
- Full stack in creation of world class products. From scientific research and development to design and engineering, firmware and software, production and marketing of IT and IoT products and solutions via own brands:
- Aeno (small home appliances).
- Canyon (smart watches, power banks, accessories for computers and mobile devices)
- Lorgar (accessories for gaming and streaming)
- Perenio (IoT platform, IoT routers, applications and peripherals for smart office/ home, smart health).
- Prestigio (smart devices and accessories, innovative solutions for business and education, etc.)
- Complex solutions sales projects to large enterprises via extensive networks of System Integrators and Value Add Resellers.
ASBIS was founded in 1990 in Belarus, since 1995 operates from Cyprus. Company has two master distribution centers located in the Czech Republic and in the United Arab Emirates, subsidiaries in 27 countries, close to 2,200 employees and about, 20 000 active customers in 56 countries worldwide. In 2021, the Group delivered sales of close to USD 3.1 billion.
The Company’s stock has been listed on the Warsaw Stock Exchange since October 2007 under the ticker symbol “ASB” (ASBIS).
For more news and information visit: www.asbis.com
About Kinisis Ventures Fund I
The KV Kinisis Ventures Fund RAIF V.C.I.C. Plc, is the first CySEC-registered Venture Capital fund focusing primarily on Cypriot start-ups and leveraging the investment advisory team’s US experience to help capitalize disruptive Cypriot innovations that can differentiate, compete and scale primarily in the USA as well as in other key international markets.
Promed Bioscience Limited
ASBISC Enterprises PLC