A method of producing a soybean-based biomaterial which is suitable for use in a biomedical product, the method comprising: defatting soy flour; either prior to or at the same time as, performing a solvent extraction; to produce a biomaterial comprising variable levels of soy proteins, carbohydrates and isoflavones. The resulting biomaterials have a range of biomedical uses and are particularly desirable because of their isoflavone content. Examples of biomedical products containing the biomaterials include wound dressings; scaffolds for tissue engineering; fillers or implants for use in surgery; temporary barriers for use in dental or surgical procedures or to prevent post-surgical tissue adherence; carriers for the delivery of drugs, bioactive peptides or plasmids; anti-inflammatory agents; coatings for wound dressings or for dental, medical, surgical or veterinary devices or implants; and compositions for soothing skin or gum irritation.