Biotechnology company has global vision
A South Yorkshire medical company has been chosen as the key distributor for Europe and the Far East by the largest independent human tissue processing company in the United States.
Biovision Medical in Dinnington, a member of the Medsmart Solutions family, distribute and store orthopaedic implants and trauma products for use in surgical procedures for spinal injuries, sports medicine, orthopaedics and trauma.
The contract, with Florida-based company TissueNet, required Biovision to expand its facilities to cater for the business’ inevitable growth and to create a ‘clean-room’ to prepare metal implants and other medical devices before distribution.
Biovision recently gained a £50,000 investment from South Yorkshire Investment Fund which has allowed the company to create the ‘clean-room’ and in turn, successfully fulfill the contract with TissueNet.
Biovision was set up three years ago by Stephen Fox who had previously spent 27 years in the medical industry. His vision for the future of the company is now becoming reality as a result of this development.
John Hill is company secretary of Biovision and he said: “This is a significant deal for the company. It’s huge. Biovision have enjoyed a steady growth during the last three years gaining more recognition in the market place and this partnership with TissueNet reflects our commitment in taking the business to a new level.
“The United States, particularly Florida, has become a world centre of excellence for the processing of human tissue and TissueNet are the largest independent human tissue processor over there. They are looking to expand in to new markets and saw Biovision as the ideal partner to help them achieve that goal.”
The human tissue processed by TissueNet is from deceased donors approved for organ transplant. Family and friends of deceased loved ones who have asked that the bodies be used in this way take great comfort from the fact that their donation will significantly benefit the life of others.
The processed tissue can be vital for patients who have suffered musculoskeletal trauma such as broken or damaged bone caused by accidents or sports injuries, cancer patients who may have suffered significant bone loss after the removal of tumours or patients who are in need of surgically corrective procedures to spine, hips, knees etc.
Biovision is one of many organisations within South Yorkshire who operate in the specialist medical equipment sector.
John added: “I can’t see any reason why South Yorkshire could not become a centre of excellence in this field like Florida has in the United States. There is a vast amount of expertise and knowledge in the area through the Universities and Hospitals, coupled with major international organisations which have chosen to base themselves here. It’s very positive for the area.”
Andy Chaffer, business director at South Yorkshire Investment Fund, said: “This is a great example of young innovative company which is building a growing reputation around the world.
“We are pleased to support this development and assist Biovision Medical to become an even stronger organisation in the medical sector.”
SYIF can provide seedcorn, loan and equity linked investments, ranging from £15,000 to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
For more information about South Yorkshire Investment Fund, please visit www.syif.com or ring 01709 386377.
About South Yorkshire Investment Fund
South Yorkshire Investment Fund provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.
Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.
South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.
Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.
For further details please contact Suzanne Tinkler, on 0845 649 0000.
South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).