Schwartz Biomedical secures $2 million
A Fort Wayne biomedical firm announced Tuesday that it had secured $2 million in equity funding for its latest technology.
Schwartz Biomedical LLC said the money will be used to develop BioPoly, a technology that will allow partial joint replacement using synthetic materials and a lubricating molecule found in the body. The company, based in the Northeast Indiana Innovation Center, recently sold another orthobiologic technology, BioDuct, to Stryker Corp. in Kalamazoo, Mich.
The $2 million announced Tuesday is the first equity funding announced for BioPoly. But the venture has received almost $4 million from the Indiana 21 Fund and other sources.