Flex Biomedical, founded in 2007 and led by CEO Sal Braico, is developing innovative treatments for orthopedic diseases. Its lead product, the Flex Polymer™, is a synthetic polymer designed to treat osteoarthritis. The company has said it will use the newly raised funds to continue advancing Flex Polymer toward commercialization. In November 2010 Flex Biomedical received a $244,479 award from the IRS Qualified Therapeutic Discovery Project grant program. The company closed an $866,000 financing round with participation from both new and existing investors. No operating metrics or revenue figures were disclosed in the article. Flex BioMedical is an orthopedic pharmaceutical startup developing a polymer-based joint lubricant intended to reduce pain and increase mobility for osteoarthritis patients. The product is meant to replace hyaluronic acid injection treatments, which can provide relief for six months to a year but sometimes do not work. The company relocated from Boston to Madison, Wisconsin after securing public and private funding. It received a $150,000 loan from Wisconsin’s Technology Venture Fund and $835,000 in private investment. Flex has filed with the SEC seeking to raise up to $1.25 million in private equity. The company hopes to enter clinical trials on the product no later than 2011.

Total raised

$2M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2011