Connecticut Innovations Makes $500,000 Investment in Soft Tissue Regeneration Inc.
Orthopaedic technology company with unique tissue-engineered solution for ACL injuries progresses toward human clinical trials
Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has made an investment of $500,000 in Soft Tissue Regeneration Inc. (STR) of Stamford, Conn., through its Eli Whitney Fund. This investment is part of a $3.5 million Series A round and supplements CI’s initial investment in 2009. Co-investors in this Series A round include Philadelphia-based MentorTech Ventures II LP, the New Haven office of LaunchCapital and individual investors.
STR is advancing a breakthrough technology to treat anterior cruciate ligament (ACL) injuries. The company’s patented and proprietary technology, licensed on an exclusive worldwide basis from Drexel University, addresses many issues associated with autografts (tissue transplanted from one part of a patient’s body to another) and allografts (tissue transplanted from a cadaver).
“Our last round of funding from CI was instrumental in the development of our L-C Ligament™ technology,” said Joseph W. Reilly, president, chief executive officer and founder of STR. “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 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 stabilizes the knee and facilitates the regeneration of ligament tissue – ultimately resulting in faster, improved healing. With an estimated 500,000 ACL reconstruction surgeries performed annually around the globe and an active, aging population, there is a strong and growing market for STR’s product.
“We are pleased that Soft Tissue Regeneration relocated to Connecticut and is thriving in its new Stamford headquarters. STR is a solid addition to our state’s growing bioscience community and to Connecticut Innovations’ diverse portfolio,” said Governor M. Jodi Rell. “We are delighted to support the continued growth of this groundbreaking tissue engineering company.”
Peter Longo, president and executive director of CI, said, “Over the past eight months, STR has made significant strides in advancing its technology and moving the company closer to initiating human clinical trials by the end of the year. We continue to be encouraged by STR’s technology and its talented team of executives, scientists and board advisors. They have given us the confidence to strengthen our investment in STR.”
This investment in STR represents CI’s fourteenth investment in early-stage Connecticut technology companies since the fiscal year began in July. Russell Tweeddale, CI managing director of investments, will continue to represent CI on STR’s board of directors.
About Connecticut Innovations Inc. Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com. or contact: Emily Smith, Managing Director, External Relations, Connecticut Innovations, Phone: (860) 257-2337
About Soft Tissue Regeneration Soft Tissue Regeneration, Inc. (STR) is a privately held medical device company defining new technology for the soft tissue regeneration segment of the sports medicine market. The company has developed and tested a breakthrough technology for regeneration of the anterior cruciate ligament (ACL) of the knee. The company was founded in 2008. For more information, please go to www.softtissueregeneration.com