Orthopedics device startup raises $3.3 million by issuing debt (MedCityNews)
The Minnetonka, Minnesota company was founded in 2008 to commercialize the Distalock nail and drill system comprising intramedullary nail implants and instruments as well as a disposable drill. The systems helps surgeons quickly and accurately place the distal locking screws that are meant to stabilize the rod-like implants used to treat long bone fractures. The method also differs from conventional techniques in that it reduces or eliminates the use of X-ray, thereby lowering the radiation exposure that surgeons, patients and operating room staff have to endure.
DGIMed Ortho, which had a $2.1 million equity raise at the end of March last year, is led by Mark McMahan, who has 14 years of experience in the orthopedic trauma market, according to the company’s website. McMahan did not immediately return a call seeking comment. The board of directors include the company’s founder Dan Gladney; Frank Gougeon, founder and former CEO of AGA Medical, now part of St. Jude Medical; and Dr. Ramon Gustilo, the inventor of the Distalock drill.
The company was among award winners at the 2011 Medical Device Excellence Awards.