The recently established NovoPedics was able to obtain a $500,000 funding from Foundation Venture Capital. The infused finances will be used for the advancement of its development of an implantable meniscus replacement or medical device for regeneration.
Menoscofix is the first product of the company. It utilizes a biodegradable polymer fiber-reinforced scaffold. The medical device restores the capacity of patients that are suffering from serious case of meniscus knee injuries to move ambulantly. It can also prevent the continuing development of arthritis.
Company founders, Dr. Michael Dunn and Dr. Charles Gatt explained, "There are more than 1.5 million meniscus tears each year, resulting in 800,000 meniscectomy surgeries."
They added, "Meniscofix is an innovative way to repair these tears and may also eliminate the development of arthritis that is often a complication of current meniscus repair surgery. Meniscofix has a unique fiber-reinforced design similar to the native meniscus and can be attached to either soft tissue or bone, allowing it to be used in either partial or total meniscus replacement surgery."
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