WOODLAND HILLS, California--Neoss Limited, the innovative and fast-growing dental implant company based in Harrogate, UK, has announced the founding of its U.S. operation in Woodland Hills, Calif.
The new American company, Neoss Inc., is a fully owned subsidiary of Neoss Ltd., and will be responsible for marketing and selling the Neoss dental implant system throughout the United States. Neoss Inc. will be headed by Melker Nilsson, formerly of Nobel Biocare.
The announcement of Neoss' entry into the U.S. followed the completion of a further round of venture capital funding for the company from investors including Medtronic, Inc., the US medical technology corporation. Neoss' decision to enter the U.S. market was based on careful evaluation of the market opportunity.
Neoss also recently agreed a new joint venture with KaVo Dental Systems, a leading international manufacturer of dental equipment. The new venture will utilize Neoss components, design and innovation to develop the Neoss for KaVo prosthetic solution enabling CAD/CAM crowns and bridgework to be fabricated for the majority of dental implant systems using KaVo's Everest system.
"The investment from Medtronic and the joint venture with KaVo were an affirmation of the strength of Neoss' technology and management, and they have emboldened us to take the next step by moving into the U.S. market," said Neil Meredith, Chief Executive of Neoss Limited.
"There is a clear gap in the U.S. dental implant market for a reputable product that has a high technical performance and yet remains easy to use. The initial reception among potential Neoss customers in the U.S. has been overwhelmingly positive."
Dental implants are titanium "roots" that are placed into the jawbone to support a crown to form an artificial tooth. Developed more than 30 years ago, they are now the treatment of choice for replacing missing teeth and give results that feel like a normal tooth to the patient with excellent aesthetics.
The global dental implant market is currently worth more than $2.2 billion a year with compound annual growth of 117 to 119 percent. The market's long-term growth potential is supported by the low penetration (less than 10 percent) of dental implants compared with alternative forms of tooth replacement, including bridges and dentures.
Market penetration in the U.S. (number of implants per 10,000 population) is currently just more than 20 percent, less than half that of Switzerland, Italy, Sweden and Germany where Neoss has established sales and distribution operations. Neoss has opened up US operations in order to take advantage of what it sees as a growing market.
"We are building a full-service sales and marketing force with national coverage," said Melker Nilsson. "We have attracted a high-caliber professional team and I believe that Neoss Inc. will have captured a significant percentage of the US dental implant market within the next three years."
In addition to the U.S., Neoss has established sales and distribution operations in the UK, Germany, Italy, Sweden and Australia. Last year, it received from Medilink Limited the "Best New Business" Award.