BioPoly has fully subscribed its latest round of private equity financing of US $2 million. The round also includes oversubscription funding of $890,000.
The company has raised over $20 million to date through its initial grants ($3.27 million) and private equity offerings. Funds from the most recent private offering will support U.S. market commercialization as well as launch of line extensions for products approved for sale in Europe.
The company’s partial resurfacing implants feature BioPoly® material, a patented combination of hyaluronic acid and ultra-high molecular weight polyethylene to act as a synthetic cartilage, allowing implants to replace just the damaged cartilage of a patient’s joint. In addition to resurfacing, the material also has application in total joint reconstruction as a bearing component. Testing has indicated that BioPoly wear properties are superior to current orthopedic materials, and could result in longer lasting total joints for patients.