£1.5m facility to help dental firm implant itself in Far East markets
INTERNATIONAL dental implant firm Neoss plans to enter markets in the Far East after securing £1.5m support from Yorkshire Bank.
Harrogate-based Neoss, which designs, manufactures and supplies dental implants, aims to start selling in China, Taiwan and Japan this year, to add to its existing subsidiaries in Australia, Germany, Italy, Sweden and the United States. International sales account for 95% of its revenues.
It is also anticipating a product launch, subject to the completion of ongoing clinical trials and regulatory approval.
Guy Leaver, chief financial officer at Neoss, said: “The new partnership with Yorkshire Bank will provide the company with the financial flexibility to continue to pursue growth and investment opportunities.
“Economic conditions in the UK and our key international markets are improving, and coupled with this new support, we are in a position to accelerate our research and development programmes and establish the Neoss brand in new geographies.”
The funding has been provided via Yorkshire Bank’s Growth Finance team, which provides lending for innovative and rapidly-expanding businesses.
Chris Bone, director in the bank’s Growth Finance team, said: “The business is well positioned for growth having invested in developing a new product and seeking regulatory approvals to allow the company to expand geographically. This is all in a market that is expected to grow strongly in the coming years, and so we are excited to support Neoss during this period.
“We have delivered an innovative funding arrangement which will provide Neoss with further financial stability and flexibility to allow it to pursue its investment strategy over the next few years.”
