#Finland #Tampere #Medical Devices #Bioretec Ltd #Bioretec AG

Overview of Bioretec Ltd's Annual General Meeting

On March 21, 2025, Bioretec Ltd convened its Annual General Meeting (AGM) in Tampere, Finland. This pivotal gathering outlined crucial decisions regarding the company's financial performance for the fiscal year ending December 31, 2024, and provided updates on the composition and commitments of the Board of Directors for the upcoming term.

Financial Resolutions

The AGM was marked by the approval of the financial statements for 2024, where the notable loss of EUR 4.67 million was addressed. The assembly decided that this loss will be handled as a credit to the equity under the category of profit or loss from previous financial periods. Importantly, no dividends will be distributed this year, reflecting the company’s focus on consolidating resources for future growth.

Board of Directors Election

A key highlight was the re-election and appointment of board members. The board's composition will remain at six members with Michael Piccirillo, Sarah van Hellenberg Hubar-Fisher, Päivi Malinen, and Kustaa Poutiainen retaining their positions. Additionally, Antti Vasara and Justin Barad were newly elected, marking a blend of continuity and fresh perspectives. The term for this board will last until the conclusion of the 2026 AGM.

Compensation Structure

As part of the changes, the compensation for the board members was also established: the Chairperson will earn EUR 3,750 per month, the Deputy Chairperson EUR 2,500, and regular members EUR 2,000 per month. Travel expenses will be reimbursed according to tax-approved bases.

Auditor Appointment

The meeting also resolved to appoint PricewaterhouseCoopers Oy as the company's auditor until the closing of the 2026 AGM, ensuring continuity in financial oversight. Kalle Laaksonen has been designated as the responsible auditor from this firm.

Share Issuance and Option Programs

Another significant outcome was the authorization granted to the Board of Directors for issuing up to 7 million shares, potentially representing about 30% of all company shares. This authorization serves various strategic needs, including acquisitions and strengthening the company's financial position. The meeting also addressed the establishment of option programs, providing members of the board and key employees with options to purchase shares at predetermined prices starting from March 2026.

Amendments to Governance

The AGM approved amendments to the Articles of Association, facilitating hybrid or remote participation in future meetings, enhancing shareholder engagement while adapting to modern communication standards.

New Committees Formed

Following the AGM, the Board of Directors held its constitutive meeting where it formed the Audit Committee and the Remuneration Committee, with new committee chairs and members designated to ensure focused governance oversight.

Future Prospects for Bioretec

Bioretec Ltd is making remarkable strides in the orthopedic medical device industry, particularly with its innovative RemeOs™ product line, which aims to disrupt traditional surgical materials with biodegradable options. Following the recent market authorization in the U.S. and upcoming plans in Europe, the company is poised to tap into the expansive orthopedic trauma market valued at over USD 9 billion. Their commitment to enhancing bone growth and improving surgical outcomes underpins their strategy to transform patient care and solidify their market positioning.

Conclusion

Bioretec’s AGM not only marks a pivotal point in governance and financial stewardship but also showcases the company’s commitment to innovation and strategic growth, ensuring it remains at the forefront of the medical device sector. As they navigate the complexities of the industry, the decisions made during this meeting reflect a resilient roadmap aimed at future success and sustainability.

For more information on Bioretec and its latest initiatives, visit their official website at Bioretec.