In course of the eighth business plan competition Best of Biotech the Ministry of Science, Research and Economy awarded the four best business plans in the field of life sciences. The award ceremony took place on November 22nd, 2017.
The Special Medtech award went to MorphoMed, a spin-off company of the LBI Trauma and associated member of the Austrian Cluster for Tissue Regeneration.
The Vienna-based start-up company, founded in May 2017, specializes in the development and commercialization of Class III medical products for tendon and ligament regeneration. Using medical silk it creates products such as RegACL, an anterior cruciate ligament (ACL) scaffold which is remodeled into endogenous tissue over time, abolishing the need to explant transplantation material.
The company was since then able to acquire AWS Seed financing.
“The competition is an important instrument of Austrian innovation policy. Scientific know-how is implemented into innovative products and good ideas are transformed into competitive start-ups. Our economy as well as our society will benefit from research intensive business ideas“, said Harald Mahrer, Minister of Science, Research and Economy, who warmly congratulated the winners of the competition.