Indiana’s BioPoly raising $2.3 million — is a product far behind?

FORT WAYNE, Indiana — Orthopedic device start up BioPoly is raising $2.3 million which will likely help bring its new prosthetic to market.

The device — called BioPoly RS (short for ReSurfacing) — only replaces the damaged portion of a joint. It’s made from a water-soluble polymer the company says mimics cartilage and egrates well with cartilage and joint tissue. Physicians could use the device to replace or resurface damaged tissue.

The company has raised about $500,000 so far, according to a filing with the Securities and Exchange Commission.

BioPoly, a subsidiary of Schwartz Biomedical, two years ago received $2 million from Indiana’s 21st Century Fund to develop the prosthetic and targeted 2009 for a market launch. That funding covered preclinical research and development, as well as the company’s Food and Drug Administration submission.

[Photo courtesy of Flickr user .LarryPage]