cultivate(MD) Announces Investment Into Magnesium Development Company
HOLLAND, Mich., March 11, 2019 /PRNewswire/ -- Genesis Innovation Group's cultivate(MD) Capital Fund II, LP, a fund focused on investments into early stage healthcare companies with innovative technologies, announces its investment into Magnesium Development Company (MDC), a company with a breakthrough magnesium (Mg) alloy technology.
MDC set out to solve what seemed to be an unsolvable problem; the need for a material for use in multiple applications within orthopedics that provides appropriate strength for a given indication while not interfering with imaging or the need for future hardware removal procedures. MDC's solution is an exclusive and proprietary technology that combines the strength and handling properties of metal with complete and controllable absorption. The company's many targeted 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.
Don Running, Vice President of R&D for MDC said, "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. 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."
Rob Ball CEO of MDC said, "MDC continues to make great progress with this exciting alloy technology. 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."
About cultivate(MD) Capital Funds
As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness.
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Vice President of Finance and Operations
Certain Statements in this press release constitute forward-looking statements. When used in this press release, the words "will," "anticipate," and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives of fund, its general partner, cultivate(MD) or any cultivate(MD) portfolio company referenced herein, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of the general partner, or any cultivate(MD) fund or portfolio company to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements in this press release speak only as of the date hereof. The fund, its general partner and cultivate(MD) expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
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