Herein described is a biocompatible material comprising a polymer matrix based on hyaluronic acid derivatives and poly-.epsilon.Caprolactone, the process for preparing this material, a prosthetic device constituted by this biocompatible material and a reinforcing material, the process for preparing the prosthetic device, and its use for the partial or total replacement of meniscus, and regeneration of the meniscal fibrocartilage.