A County Longford manufacturing company is celebrating this week after securing over €1m in EU funding with its Norwegian based business partner to develop a pioneering healthcare product.
Finesse Medical Ltd , based in IDA Business Park on the Ballinalee Road in Longford town, will share EU funding worth €1.3m with Nordic firm, Biovotec AS under the scheme.
The money has been ring fenced as part of the EU’s Horizon 2020 programme to develop a new product made with eggshell membrane that can heal chronic wounds faster.
Martin Dowd, Marketing and Business Development Director at Finesse Medical Ltd, said the extra funding will enable the firm to recruit a number of additional research and development staff to add to its 85 strong workforce.
“The BIOCURE project aims to develop and validate a range of wound care products based on a novel biomaterial derived from eggshell membrane (ESM),” he said.
“The basic research proof of concept has been completed by Biovotec AS and is owned by them. Finesse Medical have partnered with Biovotec to help commercialise the technology and will provide manufacturing and regulatory support.”
Mr Dowd said the significant costs involved with developing a new product would not have been possible without additional EU funding assistance.
“We are delighted for ourselves and our partners, Biovotec, who have invested significantly in the development of BIOCURE,” he said.
“This is a great opportunity for Finesse to become involved in cutting edge technologies that can significantly improve the healing outcomes for millions of people suffering with chronic wounds.”
As well as the €1.3m set to be shared between Finesse and Biovotec, Horizon 2020 is expected to dish out approximately €80bn in funding over the course of its seven year lifespan.
The programme, which started in 2014, comes to a close in 2020.