Innovative U.S. Biomaterials ready to capitalize on market. (U.S. Biomaterials Corp.)

U.S. Biomaterials doesn't fit the typical model of a young biotechnology company.

However, in an industry with too many companies clamoring for too little capital, and fortunes resting on products that may or may not ever make it to marketplace, that's good news.

The White Marsh-based company has zero long-term debt, no ties to venture capital funding and three products that have endured the rigors of Food and Drug Administration testing.

"Lots of companies have had to barter away their future," said James L. Meyers, president of U.S. Bio. "We have complete control over our revenue stream."

Still in its infancy, the company expects 1994 revenues to exceed $1.5 million, with that total tripling in 1995, Meyers predicted.

U.S. Biomaterials was formed just over two years ago to capitalize on the myriad applications of a product called Bioglass.

Developed 25 years ago at the University of Florida, Bioglass has a unique quality that allows it to bond with both bone and soft tissue. The material also has been proven to stimulate new bone and tissue growth around it.

That quality makes Bioglass useful in surgery to repair bones …