Controlled release hydrogel formulations of one or more simvastatin metabolites 3'-hydroxy simvastatin (hSV), 6'-exomethylene simvastatin (eSV), 3',5'-dihydrodiol simvastatin, 3', 5'-dihydrodiol simvastatin (dSV), simvastatin-beta-hydroxy acid (SVA), and methods for the treatment of patients suffering from injured or degenerating substantially avascular cartilaginous tissue.