Syntellix AG: Successful selection to the funding program "German Accelerator Life Sciences"
Hannover, July 12, 2018.
- Syntellix successfully passes a multi-stage admission and assessment process
- Program offers selected German companies support in entering the US market and is supported by the German Federal Ministry for Economic Affairs and Energy
- The United States, by far the largest market for implants worldwide, naturally offer enormous economic potential
- Syntellix is now supported by the Lower Saxony State Government, the Economic Development Board of the Republic of Singapore and the German Federal Government
Syntellix AG has been included in the coveted "Access" program of the German Accelerator Life Science (GALS) after a complex multi-stage selection process.
The German Accelerator Life Sciences is part of the funding program "German Accelerator" (www.germanaccelerator.com), initiated and sponsored by the German Federal Ministry for Economic Affairs and Energy (BMWi). The aim of the German Accelerator Life Sciences is to provide individual support to German life science companies (including medical technology), which possess and demonstrate a high potential for innovation and implementation, in developing one of the largest domestic markets in the world.
The program offers a comprehensive range of consulting and other services tailored specifically to the healthcare market in the United States (including the Cambridge business location), as well as versatile, valuable relationships with strategic partners, investors, multipliers and professionals.
Commenting on the selection and development potential of Syntellix AG, GALS CEO Christoph Lengauer emphasizes: "We are thrilled to be advising Syntellix on its market entry in the USA with its pioneering magnesium implants 'made in Germany'."
Syntellix has already gained direct access to the comprehensive GALS network through the "Access" program, which is made up of renowned US experts from the relevant competence areas of market entry strategy, distribution and product approval. First project groups are already working intensely.
"It is always exciting and challenging to work together with emerging companies in this important phase," states Stefan Beerhalter, Vice President Germany, about the cooperation with Syntellix. "The participants bring in the innovative moment and then we work together to adjust the strategic direction accordingly, to identify opportunities, to meet regulatory requirements, in other words: not only to pave the way for a sustainable success story with our expertise, but also to shortcut it.”
Syntellix AG intends, also based on the successful collaboration with GALS, to introduce its highly innovative MAGNEZIX® implants, which are comparable in stability to titanium implants, but dissolve in the body after bone healing because they consist of a unique bioabsorbable magnesium alloy, in the US market and to benefit from the competence and experience of the German Accelerator in the sense of the program supported by the Federal Government of Germany.
The CEO of Syntellix AG, Prof. Dr. Utz Claassen, explains: "The US represents one of the most important markets for implants. More than half of total global market volume is attributable to North America. The US is also a very important innovation catalyst in the medtech sector; this makes it a key market for our further international growth strategy. But development from the outside naturally involves both bureaucratic and institutional challenges. This is exactly where the special know-how and unique network of the GALS comes into play, in order to try to jointly design an optimum market entry. Time is of great importance for our further expansion – we therefore greatly appreciate that we have been included in this literally "accelerating" program, and we are very grateful for that. We are very pleased that, in addition to the support already granted by the Lower Saxony state government and the Republic of Singapore, we are now also supported by the German Federal Government through GALS in our international rollout towards the benefit of patients, physicians and healthcare systems worldwide."
Syntellix AG is an internationally operating, dynamically growing medical technology company, headquartered in Hannover (Germany). The company specializes in research, development, marketing and distribution of highly innovative transformable metallic implants. The products, which are made of the patented material MAGNEZIX®, are unique and, in a recent publication, have been found to be clinically superior compared with common titanium implants. They degrade in the body and are converted into endogeneous bone tissue while providing a favourable combination of stability, elasticity and bioabsorbability.
Syntellix AG is the global market and technology leader in the area of bioabsorbable metallic orthopaedic implants and has already been honored with many major awards and prizes, including the Innovation Prize of the German Economy 2012/13, the Future Prize of the Health Industry Club 2016, the German Medical Award 2017, the STEP Award 2017, and it has also been honored as “Innovator of the Year 2017” in Germany. Syntellix founder Utz Claassen himself received the award as “Most Innovative Entrepreneur International 2016” from the hands of EU Commissioner Günther Oettinger, not least for his work for Syntellix.