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7/15/2009 11:02:03 AM
Rocky Hill, Conn., July 13, 2009 – Connecticut Innovations (CI), the state’s quasi-public authority
responsible for technology investing and innovation development, today announced that it has made an
investment of $750,000 in Soft Tissue Regeneration, Inc. (STR) through its Eli Whitney Fund. This
investment is part of a $3.5 million Series A round also involving Philadelphia-based MentorTech
Ventures II LP. STR is in the process of relocating its operations from Charlottesville, Virginia, to
STR is advancing a breakthrough technology to treat anterior cruciate ligament (ACL) injuries. The
company’s patented and proprietary technology, licensed on an exclusive worldwide basis from Drexel
University, solves many issues associated with autografts (tissue transplanted from one part of a
patient’s body to another) and allografts (tissue transplanted from a cadaver).
"This successful round of financing will enable us to continue our development of the L-C Ligament™,
conduct a large animal study and begin the development of clinical trials to bring this important
technology to the clinic,” said Joseph W. Reilly, president, chief executive officer and founder of Soft
Tissue Regeneration, Inc.
STR’s product, L-C Ligament™, is a biocompatible and degradable synthetic braided scaffold that is
surgically attached to the femur and tibia bones when replacing the patient’s torn ACL. The scaffold
stabilizes the knee and encourages the regeneration of ligament tissue – ultimately resulting in faster,
improved healing. With an estimated 500,000 ACL reconstruction surgeries performed annually around
the globe and an active, aging population, there is a strong and growing market for STR’s product.
“Soft Tissue Regeneration is a solid addition to Connecticut’s growing bioscience community and to
Connecticut Innovations’ diverse portfolio,” said Governor M. Jodi Rell. “It is exciting that the
company is working to launch what could be one of the most significant new developments in
orthopaedics in the past decade. We are delighted to support the continued growth of this
Peter Longo, president and executive director of CI, said, “CI was impressed not only with STR’s
technology, but also with the talented team of scientists and executives who are dedicated to the
development and commercialization of L-C Ligament™ and other soft tissue products. Our investment
will help the team study the safety and effectiveness of L-C Ligament™.”
This investment in STR represents CI’s eighteenth investment in early-stage Connecticut technology
companies since July 2008.
Russell Tweeddale, CI managing director of investments, will represent CI on STR’s board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant,
entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by
investing in: early-stage Connecticut technology companies; university/industry research collaborations;
technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also
fosters collaboration among government, business, nonprofit and academic organizations to advance
technology growth and promotes public policies consistent with CI’s mission. For more information on
CI, please visit www.ctinnovations.com.
About Soft Tissue Regeneration
Soft Tissue Regeneration, Inc. (STR) is a privately held medical device company defining new
technology for the soft tissue regeneration segment of the sports medicine market. The company has
developed and tested a breakthrough technology for regeneration of the anterior cruciate ligament
(ACL) of the knee. The company was founded in 2008. For more information, please go to