BioPoly™ Raises $2M for Commercialization of Orthopaedic Products
Posted: Jan 12th, 2010
FORT WAYNE, IN — 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.
Dr. Janine Campbell, Director of Science and Regulatory Affairs, stated that “the BioPoly™ material’s hydrophilic (water attracting) nature along with robust mechanical properties provides implants that optimally interface with orthopaedic tissues.” The combination of the hydrophilic characteristics and mechanical strength is accomplished via a proprietary method of incorporating two very dissimilar materials: a well-known orthopaedic polymer and a naturally occurring lubricating molecule known as a polysaccharide. The BioPoly™ material is essentially a self-lubricating orthopaedic plastic material that behaves much like the cartilage it is replacing.
In addition to partial resurfacing, the BioPoly™ team is also developing many other applications for use in orthopaedics, sports medicine, and spinal applications. “We and our investors are very excited to be able to introduce this technology to the orthopaedic industry,” said Schwartz. The first product is expected to launch very soon.
About Schwartz Biomedical:
Schwartz Biomedical is a tissue engineering company located in Fort Wayne, Indiana. With its engineers and scientists, the company innovates, researches, and develops novel tissue engineering and biologically based solutions to orthopaedic problems. Web site: www.schwartzbiomedical.com
BioPoly LLC is an orthopaedic research, design and manufacturing company also located in Fort Wayne, Indiana. The company is developing and manufacturing products for use in the sports medicine, orthopaedics, and spinal markets.