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ASBIS invests €800K in a Cypriot biotech to fuel expansion and develop collagen health products

Promed Bioscience is one of the most promising biotechnology businesses in Cyprus at present. They manufacture collagen-based biomaterials, including medical-grade, highly pure atelocollagen, among others. They've announced the completion of a €800,000 fundraising round headed by ASBIS Enterprises.

The funding will propel Promed Bioscience into the next phase of its expansion as it pursues the development of improved collagen products for research and therapeutic applications. The funds will be used to expand Promed Bioscience's production capacity, speed its expansion in the United States and the key European and Asian areas, and expedite the company's rise to the top of the global regenerative medicine industry. This market's value currently exceeds $5 billion.

Connective tissue, skin, tendon, bone, and cartilage all contain collagen, a protein. It offers structural support to tissues in order to prevent the degeneration and loss of connective tissue caused by daily wear and strain, injury, or disease. Collagen is also used in normal cell culture applications because it provides a natural scaffold for the growth of cells in conditions similar to those seen in the human body.

Promed Bioscience, founded in 2017 by a multidisciplinary team of scientists and businesspeople, produces highly purified medical-grade collagen extracted from porcine tissues that can replace the body's native collagen in various formulations and serve as the biomaterial of choice in advanced clinical applications such as 3D bioprinting, tissue engineering, organ regeneration, and novel drug delivery.

ASBIS Enterprises is the premier value-added distributor, developer, and provider of IT and IoT products, solutions, and services in the expanding markets of Europe, Middle East, and Africa.

Africa. In addition, they have a long-standing interest in the biotechnology and healthcare industries, and its Perenio brand includes a Smart Health section that focuses on developing new solutions for individual 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.

Also a portfolio business of the KV Kinisis Ventures Fund is Promed. They are the first CySEC-registered venture capital fund primarily focused on Cypriot start-ups and utilising the US experience of the investment advisory team. They are assisting innovative Cypriot ideas that may differentiate, compete, and scale in the United States and other critical international markets.



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