The buzz: This Australian device/drug startup is developing an osteoarthritis implant and intraocular implants to treat glaucoma and severe eye infections. The implant would release the drug over time (thanks to a drug-polymer conjugate technology) and then dissolve. Animal trials have been promising.

Milestone: PolyActiva raised $9.5 million in new funding in February, with investors including the Medical Research Commercialization Fund, Brandon Biosciences Fund 1 and Yuuwa Capital. With cash in hand, the Melbourne company will pursue preclinical and clinical trials for its implants. And after it passes the proof-of-concept stage, it will seek commercial partners and explore licensing deals.

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PolyActiva pulls in $9.5M for intraocular implant work