Holland, Mich.-based Genesis Innovation Group’s cultivate(MD) Capital Fund II LP, a fund focused on investments into early stage health-care companies, today announced its investment in Holland’s Magnesium Development Co., which has developed a breakthrough magnesium alloy technology for orthopedics.
Magnesium Development created a material for use in applications within orthopedics that provides the strength needed for while not interfering with imaging or the need for future hardware removal procedures. The solution combines the strength and handling properties of metal with complete and controllable absorption.
“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,” says Don Running, vice president of research and development for Magnesium Development. “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 two times that of PEEK, a well-known performance polymer used in orthopedic indications.”
The devices include interference screws for anterior cruciate ligament (ACL) repair; sports medicine anchors; various plates, crews, and wires addressing foot and ankle procedures; and trauma applications.
“MDC continues to make great progress with this exciting alloy technology,” says Rob Ball, CEO of Magnesium Development. “The fundraising allows us to continue to accelerate and expedite the final preparations and the necessary material builds for initiation of human use later this year. We are truly grateful to be working with the Genesis team, who has deep expertise in orthopedics.”