Bioring SA Company develops and manufactures cardiac biodegradable annuloplasty devices designed to restore a normal heart function. Its customers are cardiac surgery clinics who want prostheses that accomplish useful tasks with as little expenditure of time and money as possible. The company was incorporated in Switzerland in 2000, after three years of previous developments.
Bioring SA is a privately-owned Swiss operation. Raymond Andrieu, Bioring's founder, is the majority owner. Several members of the board of directors also hold minority stock positions. The initial $642,500 share capital is increased by another $100,000 in April 2000.
Our start-up expenses come to $258,500, which are mostly equipment, legal costs, patent costs and expenses associated with opening our first office and manufacturing facilities. Another $384,000 is required in start-up assets. The start-up costs are to be financed by direct owners' investment. The assumptions are shown in the following table and chart.
Headquarters are located in an office of approximately 4,000 square feet at Chemin d'Etraz 2, CH-1027 Lonay, Switzerland.
The present office space is small. As we add employees, we will have to take on additional space. We expect space to be available in our present building. The office space will have assembly space on site and be equipped to handle shipping.