Manufacturer Secures Significant FinancingPosted: Updated:
A Fort Wayne-based biomedical company has landed a $5 million round of funding. BioPoly LLC says it is currently expanding sales in Europe and planning to launch in additional international markets. February 12, 2014
FORT WAYNE, Ind. - BioPoly LLC, a Schwartz Biomedical company, announced today that it has fully subscribed its latest round of equity financing ($5M). BioPoly received regulatory approval (i.e. CE mark) to sell its unique knee resurfacing devices in Europe, and has been successfully implanting in patients for more than 2 years. Expansion of product sales into additional European countries is in process, as well as launching into select countries outside the European Union.
The Company has developed implants that use its patented BioPoly material, a proprietary combination of hyaluronic acid ("Bio") and ultra-high molecular weight polyethylene ("Poly"). BioPoly implants support anatomical loads while gliding against normal joint surfaces without causing damage. With BioPoly, surgeons can now replace only the damaged portion of the cartilage with an implant that interacts favorably with the surrounding tissues. Since the implant and procedure are minimally invasive, patients recover rapidly and return to a pain free active lifestyle quickly.
Additional BioPoly orthopaedic applications are under development and are expected to be released soon. Please visit the BioPoly website for more information (www.biopolyortho.com).
BioPoly LLC is an ISO 13485 certified orthopaedic implant manufacturer located in Fort Wayne, Indiana. The Company is developing, manufacturing and marketing products for use in sports medicine, orthopaedics, and spinal markets. Additional medical applications of the BioPoly technology in cardiovascular and trauma markets are also being contemplated.
Source: BioPoly LLC