FORT WAYNE, IN —BioPoly LLC, a Schwartz Biomedical subsidiary, has fully subscribed its 2nd round of equity financing ($2.5M) according to company officials. This capital will be used to launch its first orthopaedic product into the European market and to continue the development of multiple orthopaedic applications that use the BioPoly™ technology.
The patent-protected BioPoly™ material with its unique self-lubricating characteristics provides an optimal implant for localized cartilage replacement. Therefore, the initial product to be released has been designed to replace damaged cartilage in the knee and is called the BioPoly-RS Partial Resurfacing Knee System. As soon as the product receives its CE mark from the European regulatory authorities, it will be released for sale.
“The BioPoly RS Knee product, made from an advanced biomaterial, will provide orthopaedic surgeons a new treatment option for patients suffering from painful focal cartilage defects,” according to Frank Proch, Director of Engineering and Quality. The BioPoly material is a proprietary combination of two well-known orthopaedic substances, Ultra High Molecular Weight Polyethylene and Hyaluronic Acid, and imparts exceptional biocompatibility such that interaction with native cartilage is possible.
The initial research and development for this technology was provided by two grants from the Indiana 21 Fund and other internal funding sources, followed by a round of equity financing, all totaling over $6M. With this round of capital, the company expects to be releasing the knee product into the European market very soon. The regulatory requirements for the US are somewhat different than for Europe; therefore, the US launch of this technology will occur in the years to come.
BioPoly LLC is an orthopaedic company located in Fort Wayne, Indiana. The company is developing and manufacturing products for use in sports medicine, orthopaedics, and spinal markets. www.biopolyortho.com
Source: BioPoly LLC