Magnesium Development Company Gains Funding

By Julie A. Vetalice

Magnesium Development (MDC) received an investment from the cultivate(MD) Capital Fund II. MDC is developing a resorbable magnesium alloy technology that has the same mechanical strength as 316L stainless steel and application in numerous orthopedic implantable devices.

The proprietary alloy combines the strength and handling properties of metal with total and controllable absorption. Further, its manufacturing method provides mechanical strength that is reportedly twice that of PEEK polymer. MDC will use it to produce interference screws for anterior cruciate ligament repair, sports medicine anchors, plates, screws and wires for foot and ankle procedures, as well as trauma applications.

Genesis Innovation Group's cultivate(MD) Capital Fund II invests in early stage healthcare companies with innovative technologies. In 2016, Genesis and Start Garden's venture fund led a $1MM seed round for MDC.

Sources: cultivate(MD) Capital Funds; Magnesium Development Company

Tags: Funding