Dgimed Ortho, Inc. has double the reason to celebrate, with the near-completion of a $2.5 million equity round and a medical device industry award too boot.
By mid-April, the Minnetonka-based early-stage medical device company had sold $2,124,780 of a securities offering, according to an SEC filing. It is the company's fifth offering a various type since its first $3.4 million initial round was completed in 2009.
In 2008, founder and chairman Dan Gladney acquired the rights to technology for a proprietary system to assist orthopedic surgeons in the delivery of long-bone intramedullary nail implants, according to an
Orthopedics and Spine News Blog entry that year.
The product Dgimed Ortho developed is the DISTALOCK Intramedullary (IM) Nail and Drill System, which last week received a 2011 Medical Design Excellence Award.
The system offers surgeons the ability to treat long-bone fractures with better clinical outcomes, lower surgery costs, and little or no need for x-rays, according to a press release about the award.
"Our team has worked hard to develop a world-class system to benefit patients and hospital staff," said Dgimed Ortho President and CEO Mark McMahan through the release. Award winners will be honored at a presentation ceremony in June in New York City.
Source: Dgimed Ortho
Writer: Jeremy Stratton