As reported by TechJournal South, September 15, 2008.
Soft Tissue Regeneration Ladders Up to $3.5M a Round
CHARLOTTESVILLE, VA - Soft Tissue Regeneration Inc., a company developing synthetic scaffolds to encourage tissue regeneration, has closed a $3.5 million A round led by MentorTech Ventures.
The Center for Innovative Technology (CIT) GAP funds had previously invested $100,000 in the company.
STR has developed a potential breakthrough technology for soft tissue regeneration of the anterior cruciate ligament of the knee.
The patented technology uses an FDA-approved polymer already widely used in biomedical devices.
The product is called the Laurencin-Cooper Ligament for ACL reconstruction.
It is a synthetic scaffold that stabilizes the knee and encourages regeneration of ligament tissue, which should result in faster, better healing, the company says.
STR was founded on technologies developed by Cato T. Laurencin, Dean of the University of Connecticut School of Medicine and VP for Health Affairs at the University Health Center, who was previously professor and chair of orthopedic surgery at the University of Virginia.
Joseph W. Reilly, president and CEO of STR, said the new financing will "enable us to continue our development of the L-C Ligament, conduct a large animal study and begin the development of clinical trials."
Boris Kalandar, managing partner of MentorTech Ventures, joins STR's board. "There is great need for a synthetic scaffold to regenerate ACL, considering the many problems with current standards of care," he said.
He noted that as our population ages, there will be even more need for "this and other innovative medical breakthroughs."
On the Web: www.softtissueregeneration.com