BMS buys Concordia; will increase engineering capabilities
Biomedical Structures, LLC (BMS), a provider of biomedical textiles for medical devices and other advanced clinical applications, announced the acquisition of medical textile manufacturer Concordia Medical, LLC, a division of Concordia Manufacturing, LLC. Also based in Rhode Island, Concordia Medical provides medical implant technology utilizing biomaterials for tissue engineering and regenerative medicine.
Biomedical Structures specializes in the advanced design and manufacturing of medical textiles with expertise in knitting, braiding, weaving, and non-woven technology. The company utilizes a wide variety of implantable-grade absorbable and non-absorbable biomaterials in orthopedic, general surgery, tissue engineering, cardiovascular, bariatric, cosmetic surgery, and veterinary applications, including implantable devices and drug delivery technologies.
With the addition of Concordia Medical's textile expertise and volume manufacturing capabilities, Biomedical Structures will continue to build its reach into each of these markets, particularly the rapidly-growing fields of orthopedics and regenerative medicine.
According to a 2009 report, the total market potential for tissue engineering and regenerative medicine products is projected to exceed $118 billion by 2013. The combination of BMS' established business and Concordia Medical's innovation in this space will strengthen the company's regenerative device capabilities, particularly through the addition of Concordia's non-woven BIOFELT technology, which is currently utilized in several clinical applications in cardiovascular, dental, and urological surgery that require natural tissue growth.
Biomedical Structures received an investment from Ampersand Ventures in 2010 with plans to pursue an aggressive growth strategy that included equipment and facility investment, expanded engineering capabilities, and product R&D to broaden its reach into core markets. Since that time, the company has grown its workforce and facilities, and will now add Concordia Medical's Warwick, RI compound and workforce to its manufacturing base.
“Since our capital investment in mid 2010, we have committed to increasing our capacity for highly precise and customized manufacturing,” said Biomedical Structures CEO and President John Gray. “With the acquisition of Concordia Medical, not only are we improving our biomedical textile engineering expertise and medical device market penetration, but we are increasing our manufacturing capacity to deliver on complex, sophisticated device applications at the volume our customers require. The company is a terrific complement to our advanced scientific expertise in medical textiles and will help bring our production capabilities to the next level. We are very excited to welcome the Concordia Medical team.”
“Concordia Medical is eager to embrace this partnership with Biomedical Structures,” said Concordia Manufacturing CEO and President Randal Spencer. “Our medical textile manufacturing expertise will be a boon to Biomedical Structures' already advanced application experience and considerable market presence. Together, we are excited to bring an even more specialized, medically robust organization with an improved manufacturing efficiency to medical device OEMs.”
Concordia Manufacturing will retain an ownership stake in Biomedical Structures. Mr. Spencer will join the Board of Directors of Biomedical Structures and continue to assist the business development of the combined operation.
Biomedical Structures LLC (BMS)