Flex Biomedical Inc., the Wisconsin-based biomedical company, revealed it has raised just short of $1 million, $866,000. The company was founded in 2007 and participants in the fundraising round were not publicized.
January 27, 2011, Madison, WI—Officials at Flex Biomedical, Inc., a privately-held biomedical company focused on developing novel treatments for orthopedic diseases, today announced that they have closed an $866,000 financing round.
Both new and existing investors participated in the round, which will be used to continue developing the Flex Polymer, a synthetic polymer viscosupplement for the treatment of osteoarthritis.
“We made significant progress in 2010,” said Sal Braico, CEO. “This capital infusion will help us to continue advancing the Flex Polymer toward commercialization.” Braico also stressed the need for the Flex Polymer: “Osteoarthritis can be devastating. What you once did with no thought, like running, golfing, bowling or even walking, is now painful. People with osteoarthritis frequently contact me, wanting to buy our product. Our team always keeps their urgency in mind as we push forward.”
Flex Biomedical, a Madison, Wis. company founded in 2007, is developing innovative treatments for orthopedic diseases. The company’s lead product, the Flex Polymer™, is a synthetic polymer designed to treat osteoarthritis, an incurable, debilitating joint disease that affects 27 million people in the United States and 100 million people worldwide.