BioPoly LLC, a Schwartz Biomedical subsidiary, has raised more than $2M in its first round of equity financing. This capital will be used to complete product development and initiate launch of its first orthopaedic products into the market.
Although, this capital represents the first round of equity financing, initial support for this venture was provided by nearly $4M from two Indiana 21 Fund grants and other internal funding sources. The BioPoly™ team along with the collaborative efforts of Colorado State University and the Northeast Indiana Innovation Center has been developing a family of orthopaedic products. According to Dr. Herb Schwartz, President and CEO, “the unique patent-protected BioPoly™ technology allows us to apply very innovative solutions to orthopaedic problems.” One of the implant applications that is being developed includes using the BioPoly™ material as a synthetic cartilage for partial resurfacing of the knee. By partially resurfacing, the surgeon can replace the defective cartilage instead of the entire joint (total joint reconstruction) or even half of the joint (uni-knee), thus, allowing the patient to retain more of his/her native tissue.
Inside Indiana Business… http://ow.ly/WDbN