A Fort Wayne-based medical device manufacturer has closed a $2 million round of funding. BioPoly LLC says the private equity financing will be used to bring products to the U.S. market and launch a product line extension in Europe.
The financing round, BioPoly says, includes oversubscription funding of $890,000. To date, the company has raised more than $20 million through its initial grants and private equity funding.
“This funding allows BioPoly to bring its implants to the U.S. by pursuing FDA clearance on specific implant types,” said Herb Schwartz, chief executive officer of BioPoly. “Up to now, BioPoly products have been available only in Europe for the past 8 years; so, FDA clearance will allow some of our implants to be available to the U.S. population.”
BioPoly currently has nine employees and says the funding will not immediately create any new jobs.
BioPoly develops, manufactures and markets implant products for use in sports medicine and orthopedics. The company says it is also pursuing medical applications for its technology in the cardiovascular, spinal and trauma markets.