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The Finnish Financial Supervisory Authority has imposed a penalty payment on a member of Bioretec's Board of Directors for late notification of managers' transactions

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Bioretec Ltd  Company announcement  12 December 2024 at 6.15 p.m. EET

The Finnish Financial Supervisory Authority (the "FIN-FSA") has imposed a penalty payment of EUR 3,000 on Michael Piccirillo, as a member of Bioretec's Board of Directors and a person discharging managerial responsibilities for the late notifications of transactions in Bioretec's share made in his own account.

The decision of the FIN-FSA is not yet legally binding and can be appealed by Michael Piccirillo.

Further enquiries

Alan Donze, CEO, +1 619 977 5285
Johanna Salko, CFO, +358 40 754 8172

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Information about Bioretec

Bioretec is a globally operating Finnish medical device company that continues to pioneer the application of biodegradable orthopedic implants. The company has built unique competencies in the biological interface of active implants to enhance bone growth and accelerate fracture healing after orthopedic surgery. The products developed and manufactured by Bioretec are used worldwide in approximately 40 countries. 

Bioretec is developing the new RemeOs™ product line based on a magnesium alloy and hybrid composite, introducing a new generation of strong biodegradable materials for enhanced surgical outcomes. The RemeOs™ implants are absorbed and replaced by bone, which eliminates the need for removal surgery while facilitating fracture healing. The combination has the potential to make titanium implants redundant and help clinics reach their Value-Based Healthcare targets while focusing on value for patients through efficient healthcare. The first RemeOs™ product market authorization has been received in the U.S. in March 2023, and in Europe, the CE mark approval process is currently on-going. Bioretec is positioning itself to enter the addressable over USD 9 billion global orthopedic trauma and spine market and to become a game changer in surgical bone fracture treatment.

Better healing – Better life. www.bioretec.com

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