Implantable devices and methods for use in the treatment of osteonecrosisare provided. The device includes at least one implant device body adapted for insertion into one or more channels or voids in bone tissue; a plurality of discrete reservoirs, which may preferably be microreservoirs, located in the surface of the at least one implant device body; and at least one release system disposed in one or more of the plurality of reservoirs, wherein the release system includes at least one drug selected from the group consisting of bone growth promoters, angiogenesis promoters, analgesics, anesthetics, antibiotics, and combinations thereof. The device body may be formed of a bone graft material, a polymer, a metal, a ceramic, or a combination thereof. The device body may be a monolithic structure, such as one having a cylindrical shape, or it may be in the form of multiple units, such as a plurality of beads.