An innovative North Yorkshire company which designs, manufactures and supplies dental implants across the world is set for a period of expansion and growth following the provision of new financial support from Yorkshire Bank.
Established in 2000, Neoss is headquartered in Harrogate with subsidiaries in Australia, Germany, Italy, Sweden and the United States.
A new £1.5m facility will provide the company with the financial flexibility to develop new products and target new markets.
This year Neoss aims to start selling its innovative products in China, Taiwan and Japan.
It is also anticipating a new product launch subject to the completion of ongoing clinical trials and regulatory approval.
The company, for which international sales make up around 95% of its turnover, produces a patented titanium-based dental implant system which can be used to anchor dental crowns, dentures and bridges.
More than 95% of its sales are directly to hospitals and clinicians but the company also uses a network of distribution and sales agents.
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.
“We operate in a competitive global marketplace so we need to continue to develop and innovate to meet the demands of our growing customer base and Yorkshire Bank has taken the time to understand our requirements.”
Guy also said that an increase in staff numbers from the current 110 – 22 of which are based in the UK – is a prospect as the business continues to grow. This follows the appointments of a clinical research manager, regulatory approvals manager and quality assurance manager earlier this year.
The funding has been provided via Yorkshire Bank’s Growth Finance team – a specialist UK-wide team which provides lending for innovative and rapidly expanding businesses. Growth Finance is specially tailored for businesses with strong intellectual property assets and existing venture capital.
Neoss’ equity investors include MMC Ventures, Souter Investments, Delta Partners and Medtronic.
Chris Bone, director in the bank’s Growth Finance team, said: “Neoss designs and sells market-leading dental implants. 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. We are looking forward to working with Neoss’ management and partners as they continue along their growth path.”
Neoss retains “Intelligent Simplicity”, “Innovation” and “Improving dental implant treatment” at the core of the company’s product development philosophy. The company’s Executive Chairman is Michael Dormer, who has more than 30 years’ experience in medical devices, working with Johnson & Johnson and DePuy, where he served as President and oversaw the company’s IPO in 1996.