Pune: SynThera Biomedical, a healthcare startup incubated at the Venture Center NCL, has received the National Startup Award 2021 for its PoroSyn® technology from the Technology Development Board of the Department of Science and Technology.
National Award for technology start-ups is given to the technology start-ups for development of promising new technology with potential for commercialization and carries a cash prize of Rs. 15 lakh and a trophy. TDB National Award list can be accessed here.
Award winning startup SynThera Biomedical had recently received approval from the Central Drugs Standards Control Organization (CDSCO) to commence first pilot human clinical trials on its proprietary patented bone graft substitute product PoroSyn. The clinical trials will be carried out over the next two years.
The company’s flagship products – SynOst and PoroSyn are synthetic bone graft substitute products made from bioactive glass materials. Both products are used in dental and orthopaedic surgeries as implantable materials for repair and regeneration of bone that is lost or damaged due to disease, injuries or congenital deformities.
SynThera had secured an undisclosed amount of seed funding investment from two investors – equity crowd-funding platform 1Crowd and the government’s Biotechnology Industry Research Assistance Council (BIRAC) SEED scheme via Venture Center in 2018.
BIRAC’s SEED – Sustainable Entrepreneurship and Enterprise Development – scheme was set up to support life sciences start-ups, with a funding of up to Rs. 30 lakhs.