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, —NO2, —NH2, —NHCOCH3, 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, salicylic 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:—COCH2O— (glycolic ester moiety)—COCH(CH3)O— (lactic ester moiety)—COCH2OCH2CH2O— (dioxanone ester moiety)—COCH2CH2CH2CH2CH2O— (caprolactone ester moiety)—CO(CH2)mO— where m is an integer between 2-4 and 6-24 inclusive—COCH2O(CH2CH2O)n— where n is an integer between 2 and 24, inclusive; andR′ 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.