Genesis Innovation Group‘s Cultivate(MD) Capital Fund II said that it has invested in Magnesium Development Company (MDC), a firm that claims to have a breakthrough magnesium alloy technology for orthopedic use.
MDC designed its technology to combine the strength and handling properties of metal with complete, controllable absorption. Its magnesium alloy may be used in multiple applications to provide appropriate strength for a given indication while not interfering with imaging or creating the need for future hardware removal procedures, according to a statement from Genesis. The Holland, Mich.-based company’s devices will include interference screws for anterior cruciate ligament (ACL) repair, sports medicine anchors, various plates, screws, and wires addressing foot and ankle procedures, as well as trauma applications.
“Our magnesium technology provides optimal characteristics not found in existing soft-tissue fixation devices, including high strength, controlled absorption and promotion of regrowth of host tissue,” said Don Running, vice president of research and development for MDC, in the statement. The fact that this material has the same mechanical strength as 316L stainless steel, while at the same time being resorbable, makes it a true marvel of scientific advancement. In addition, our proprietary method of manufacturing provides mechanical strength at least 2X that of PEEK, a well-known performance polymer used in orthopedic indications.”
The investment from Cultivate will allow MDC to accelerate the final preparations and the material builds for initiation of human use later this year, added MDC CEO Rob Ball. The amount of the investment was not disclosed.
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