Foundation Venture Capital Group Invests In Company Developing Implantable Meniscus for Knee Repair
NEW BRUNSWICK, N.J., April 18, 2013 /PRNewswire-USNewswire/ -- Newly formed NovoPedics, Inc., has received a commitment of up to $500,000 from Foundation Venture Capital Group (FVCG) to advance its development of an implantable meniscus replacement/regeneration medical device.
Currently in the United States, the treatment options for pain after meniscectomy are limited to replacement with allograft (cadaver) tissue, bone realignment surgeries and knee replacement surgery; there is no FDA-approved product for replacement of the meniscus.
Meniscofix™, the company's first product, uses a biodegradable polymer fiber-reinforced scaffold that restores mobility to patients suffering from severe meniscus knee injuries and can prevent the long-term development of arthritis.
"There are more than 1.5 million meniscus tears each year, resulting in 800,000 meniscectomy surgeries," explained Dr. Charles Gatt and Dr. Michael Dunn , company founders. "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."