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Patent Granted The present invention relates to a compound of the formula: R-AR--O--Y--R' Wherein R represents one or more members selected from H, alkoxy, benzyloxy, aldehyde, halogen, carboxylic acid, --NO.sub.2, --NH.sub.2, --NHCOCH.sub.3, and --NH--Y--R', which is attached directly to AR or attached through an aliphatic chain. The carboxylic acid moiety in R includes but is not limited to the following carboxylic acids: benzoic acids, cinnamic acids, ferulic acid, caffeic acid, syringic acid, salicyclic acid, vanillic acid, phenylacetic acids, phenylpropionic acids, and sinapinic acid. -AR--O-- is a biologically active phenolic moiety comprising 1 to 6 substituted or unsubstituted aryl rings that are directly bonded to each other, fused together, or joined through a linking group. Y represents a member selected from: --COCH.sub.2O-- (glycolic ester moiety) --COCH(CH.sub.3)O-- (lactic ester moiety) --COCH.sub.2OCH.sub.2CH.sub.2O-- (dioxanone ester moiety) --COCH.sub.2CH.sub.2CH.sub.2CH.sub.2CH.sub.2O-- (caprolactone ester moiety) --CO(CH.sub.2).sub.mO-- where m is an integer between 2-4 and 6-24 inclusive --CO CH.sub.2O (CH.sub.2CH.sub.2O).sub.n-- where n is an integer between 2 and 24, inclusive; and R' is either hydrogen or a benzyl or an alkyl group, the alkyl group being either straight-chained or branched. The resultant functionalized phenolic compounds, used singly or in combinations, and their polymers have controllable degradation profiles, releasing the active component over a desired time range. The polymers are useful for biomaterials and biomedical devices, wherein said biologically active phenolic moiety is a residue of a phenolic compound.