Bioservo outsources all production to partner companies and implements cost savings
The next generation Carbonhand® is now, after completed safety tests, approved as a medical device according to the MDR, and sales are starting in several European countries. Through the approval, Bioservo has two stable product platforms to commercialize, previously Ironhand® in industry and now also Carbonhand® for patients with impaired hand function.
In the new phase the company is now entering, all production of the company's products will be handled by external partners. This allows Bioservo to streamline the organization to focus on developing and maintaining effective partner collaborations, for both manufacturing and sales.
In connection with the restructuring of the organization, the company also implements cost savings by reducing the organization by approximately 25%, primarily production personnel, and by reducing the use of external consultants. The effect of the cost savings is expected to begin to have an effect during the second quarter of 2023 and is estimated to amount to approximately SEK 7 million on an annual basis.
The company has a completely unique leading position in strength-enhancing hand aids and is in a very exciting commercial phase. In the work to realign the company towards commercialization, a clear objective has been to maintain the unique competence the company possesses, in order to continue the work of making our technology available to thousands of users worldwide.
For more information
Petter Bäckgren, CEO, Bioservo Technologies AB
+468 21 17 10
[email protected]
The information in this press release is such that Bioservo Technologies AB (publ) is obliged to publish in accordance with EU Regulation on Market Abuse (MAR). The information was submitted for publication through the agency of above contact persons for publication on November 30, 2022 at 11:30 a.m. CET.
About Bioservo Technologies
Bioservo Technologies AB (publ) is a world leading company in wearable muscle strengthening systems for people in need of extra strength and endurance. All our innovative products and systems are designed to keep people strong, healthy, and efficient. The company has a unique global position within soft exoskeleton technology for the hand, both for industrial applications to improve the health for workers and to improve quality of life for people with reduced muscle strength. Bioservo Technologies was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska University Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm.
FNCA Sweden AB is the company’s Certified Adviser on Nasdaq First North.
For more information, please visit www.bioservo.com
