BioPoly® Oversubscribes $2M Private Equity Offering
Herb Schwartz, PhD, BioPoly LLC
FORT WAYNE, IN – BioPoly, LLC announced today that it has fully subscribed its latest round of private equity financing of $2M. The financing round also includes oversubscription funding of $890k. BioPoly has now raised over $20M through its initial grants ($3.27M) and private equity offerings. The funds received from the most recent private offering will be used to bring products to the US market as well as launch product line extension for products currently approved for sale in Europe.
The Company’s partial resurfacing implants feature its unique BioPoly® material, a patented combination of hyaluronic acid (“Bio”) and ultra-high molecular weight polyethylene (“Poly”). The material behaves like a synthetic cartilage, allowing the implants to replace the damaged cartilage of a patient’s joint rather than the entire joint. The minimally invasive surgical procedure enables patients to quickly return to active, pain-free lifestyles. In addition to resurfacing, the BioPoly material also has application in total joint reconstruction as a bearing component. Testing has revealed that BioPoly wear properties are superior to current orthopedic materials and could result in longer lasting total joints for patients.
BioPoly LLC is an ISO 13485 certified orthopedic implant manufacturer located in Fort Wayne, Indiana. The Company is developing, manufacturing and marketing products for use in sports medicine and orthopedics. Additional medical applications of the BioPoly® technology in cardiovascular, spinal, and trauma markets are also being pursued.
Additional information about BioPoly, LLC and its partial joint resurfacing technology can be found on the BioPoly website (www.biopolyortho.com).