Soft Tissue Regeneration brings in $500,000

By Mass High Tech staff

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Connecticut Innovations reported today that it has invested $500,000 in Stamford, Conn.-based Soft Tissue Regeneration Inc., which is developing technology to treat knee injuries.

CI, the state’s quasi-public authority for technology investing and innovation development, made the investment through the Eli Whitney Fund as part of a $3.5 million Series A round announced in 2009. CI had earlier invested $750,000 in the company. Co-investors in this Series A round include Philadelphia-based MentorTech Ventures II LP, the New Haven office of LaunchCapital and individual investors.

Soft Tissue Regeneration is working on technology to treat anterior cruciate ligament (ACL) injuries. The technology is licensed from Drexel University and is intended to address issues associated with autografts (tissue transplanted from one part of a patient’s body to another) and allografts (tissue transplanted from a cadaver).

Joseph W. Reilly, president, CEO and founder of STR, said “The current round will allow us to complete a large animal study and begin clinical trials to bring this important technology to practice.”

STR’s product, the L-C Ligament, is designed as a biocompatible and degradable synthetic braided scaffold that is surgically attached to the femur and tibia bones when replacing the patient’s torn ACL. The scaffold is intended to stabilize the knee and facilitate the regeneration of ligament tissue, leading to improved healing.
An estimated 500,000 ACL reconstruction surgeries are performed annually around the globe, according to the company.

Russell Tweeddale, CI managing director of investments, will continue to represent CI on STR’s board of directors. MentorTech Ventures managing partner Michael B. Aronson and MIT professor Robert Langer also are on the STR board.

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