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Print Edition StoriesMonday, July 13, 2009
Connecticut Innovations invests in ACL treatment firm
By Mass High Tech staff
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Connecticut Innovations, the quasi-public authority that makes tech investments in its namesake state, has invested $750,000 from its Eli Whitney Fund into Soft Tissue Regeneration Inc. (STR), a developer of anterior cruciate ligament (ACL) treatment.
The financing is part of a $3.5 million Series A funding round in STR, which is moving from Charlottesville, Va., to Connecticut. MentorTech Ventures II LP is also participating in the financing. As part of the deal, CI managing director of investments Russell Tweeddale will sit on STR’s board of directors.
STR has secured an exclusive worldwide license to Drexel’s patented technology that involves tissue transplanted from a part of a patient’s body and moved to another part or tissue transplanted from a cadaver.
It plans to use the funding to develop its product, L-C Ligament, a biocompatible scaffold to control the knee. It also will bring the L-C Ligament to a large animal study and start clinical trials, according to company president, CEO and founder Joseph Reilly.
STR is the 18th investment CI has made in early-stage companies in the state since July 2008.
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