Biocomposites exceeds revenue expectations and takes a big step forward in its research and development

Biocomposites exceeds revenue expectations and takes a big step forward in its research and development

• New record for sales growth and number of patients supported
• Product portfolio enhanced through acquisition of NanoBone® and expansion of STIMULAN® approval as an antibiotic carrier to treat bacterial infection
• Research and Development boosts with STIMULAN VG moving to phase II clinical trial and investment in Renovite

Keele, UK, 13 December 2023 – Biocomposites, an international medical devices company that engineers, manufactures and markets world-leading products for use in infection management in bone and soft tissue, reports a year of record growth, investment in new products and breakthroughs in research and development.

Helping more patients

2023 was a new record for the number of patients benefiting from a Biocomposites product as part of their treatment plan. This was a result of over 30% growth in demand for our products in China, India, UK, Europe and across the Americas - driven by product performance as well as a broadening of adoption beyond the traditional specialty of orthopaedics into new areas such as spine, foot and ankle, and podiatry.

Biocomposites’ extensive geographic footprint was also extended by the addition of new distributors in South Africa, Israel, Turkey, Greece, Cyprus, Singapore, Thailand, Dominican Republic, Venezuela and Guatemala. Subiton and Synimed products also started to be sold through the Biocomposites network in the UK and India.

Enhanced product portfolio

The acquisition of NanoBone technology, in June this year, added a new range of osteoinductive synthetic bone grafts to Biocomposites’ portfolio. Its patented nanostructured hydroxyapatite platelets mimic the hydroxyapatite in natural bone and deliver a comparable healing rate to autograft, without the costs and complications of harvesting bone from a patient.

Great progress was also made in extending STIMULAN’s approval throughout the world. It is still the only calcium matrix approved to assist in wound healing, treat bacterial infection and carry antibiotics in bone and soft tissue. Today, STIMULAN, when pre-mixed with antibiotics, can be used to treat bacterial infection in Canada, Colombia, Brazil, Mexico and South Africa. It can also be used to carry antibiotics in Argentina, Brunei, Chile, Costa Rica, Dominican Republic, Egypt, Europe, Guatemala, Hong Kong, Israel, Jamaica, Jordan, Kuwait, Malaysia, New Zealand, Panama, Puerto Rico, Qatar, Saudi Arabia, Serbia, Singapore, Taiwan, Thailand, Trinidad & Tobago, UK, and Vietnam.

R & D boost

This year, we took a big step forward in the development of STIMULAN VG, by gaining FDA approval to progress to a Phase II clinical trial. STIMULAN VG, which is STIMULAN mixed with vancomycin and gentamicin, will be a new drug-device combination that aims to treat diabetic foot osteomyelitis – with the potential to transform outcomes and positively impact many patients’ lives.

Biocomposites also invested in Renovos, an innovative biologics company born out of research into the properties of nanoclay at the University of Southampton. Their novel therapeutic delivery platform, RENOVITE®, is a synthetic, biodegradable nanoclay carrier that can be used to place a wide range of pharmaceutical drugs and biologics at the site of treatment. As a cell-responsive carrier it requires a lower dose of therapeutic drug to accelerate healing. Together we are working through the regulatory pathway to bring their transformative products to market.

Strengthening the team

Biocomposites expanded its senior management team with the appointment of two new directors. In August 2023, Michelle Lewis became Human Resources Director, leading Biocomposites in managing its rapidly expanding workforce, which has doubled in the last two years. Ciara Airey became Regulatory Affairs Director, developing the team and framework to support the regulatory pathway of the company’s extensive medical device and drug-device combination pipeline. These appointments reflect the company’s strong growth and the need to manage an increasing talent pool of people, whilst maximising the opportunity to grow revenue through regulatory differentiation.

Biocomposites’ team members attended and presented at a number of scientific and industry events and conferences throughout the year. In October 2023, Biocomposites hosted a symposium with two leading clinicians at the 41^st Annual Meeting of the European Bone & Joint Infection Society (EBJIS) in Basel, Switzerland, and presented cutting-edge data demonstrating the benefits of STIMULAN in improving outcomes for periprosthetic joint infection patients.  Addressing specialties beyond orthopaedics, Biocomposites also sponsored a session at this year’s Wounds UK Annual Conference held in Harrogate, UK, on 7 November 2023, at which a consensus group of multidisciplinary clinicians from leading research units discussed managing the complex foot infections associated with diabetes and the role STIMULAN plays in improving patient outcomes.

Commenting on Biocomposites’ extraordinary year, Michael Harris, Chief Executive Officer, said: “Our 2023 performance has exceeded all our expectations. Our products make a real difference to people’s lives and it is wonderful to see so many more patients benefiting from them. With the acceleration of research and product development over the last five years, we are now seeing tangible milestones achieved as we position ourselves as the go-to-provider for surgeons and podiatrists seeking to treat infected patients.”