Connecticut’s technology investment arm has pumped another $500,000 – raising its stake to $1.25 million — into a Stamford biotechnology firm, moving it closer to human trials of its synthetic tissue for repairing torn knee ligaments.
Connecticut Innovations Inc. said it participated in a $3.5 million second round of financing for Soft Tissue Regeneration Inc. (STR). Other financing participants included Philadelphia-based MentorTech Ventures II LP, the New Haven office of LaunchCapital and individual investors.
A year ago, Connecticut Innovations sunk $750,000 into STR as part of a $3.5 million investment with a group of other investors.
STR’s product is aimed at treating anterior cruciate ligament tears, a common injury among professional and weekend athletes and runners. It is a synthetic braided scaffold that is surgically attached to leg bones to stabilize the injured knee and hastens the body’s regeneration of ligament tissue.
STR founder, president and CEO Joseph W. Reilly the current funding round will allow the company to complete a large animal study and begin human clinical trials.
STR sees a growing market for its product among the world’s aging population, on whom an estimated 500,000 ACL reconstruction surgeries are performed annually.
Connecticut Innovations has a seat on STR’s board.
