Vytrus Biotech has secured €575,000 ($608,500) funding from the Spanish government for the development of new technologies in the field of dermocosmetics.
Of the total amount awarded by the Centre for Technological Development and Innovation (CDTI), which is attached to the Ministry of Science and Innovation, €137,000 is a non-reimbursable subsidy with the remainder a long-term loan.
Vytrus said it will use the funding to develop new technology platforms for the production of hybrid active ingredients with high potential for human health and wellbeing.
“This research project will be of great help for Vytrus Biotech to continue to maintain the high level of innovation and allow, at the same time, to diversify the company’s portfolio of high-efficiency, sustainable and innovative products with new technologies,” added chief executive and co-founder Albert Jané.
The funding granted by the CDTI for the project has been co-financed by the Next Generation Funds, channelled through the ERDF (European Regional Development Fund of the European Union).
Vytrus Biotech allocates around 20% of its turnover annually to R&D&I activities.
The company currently commercialises 19 products worldwide and its strategic plan is to launch ten new ingredients in the next four years.