MICHIGAN RISE INVESTS IN MAGSORBEO BIOMEDICAL, DEVELOPER OF FULLY ABSORBABLE ORTHOPEDIC IMPLANTS
EAST LANSING, Mich. –– Michigan Rise has expanded its life science and medical device portfolio with an investment in Magsorbeo Biomedical, an orthopedic medical device startup based in Detroit and East Lansing. The company is developing advanced bioabsorbable implants from Curasorb, its proprietary magnesium alloy developed in partnership with Terves Inc. which is designed to be safely absorbed by the body over time, with the goal of reducing surgical interventions, improving patient quality of life and outcomes, and lowering healthcare costs. Curasorb is a highly differentiated alloy technology with its tailorable absorption profile to ensure complete absorption within a defined timeframe, and slow initial absorption for optimal implant stability to promote bone healing. Michigan Rise’s investment will support the testing of their Akesorb Maxillofacial System prototypes, helping them reach their next product development milestone.
“Resorbable implants have several desirable characteristics, however current solutions have not been fully adopted in the European and US markets due to issues with inflammation, incomplete healing, and less than desirable resorption profiles. There is an opportunity to improve upon existing technologies. The Magsorbeo founding team, given their backgrounds in bringing resorbable cardiovascular implant products to market, are well-positioned to commercialize next-generation orthopedic implants based on Magnesium alloys that marry the convenience of titanium materials with the performance of next-generation resorbable materials,” said Matt Okoneski, Sr. Venture Associate at Michigan Rise.
According to the National Library of Medicine, one of the most performed surgical procedures in the world is hardware and implant removal. The vast majority of implant removal procedures are required to remove fixation hardware after the fracture has healed, however these surgeries present new infection risk, post-surgical issues, and add cost to the overall treatment of the patient. In addition, patients sometimes elect to have implants removed due to pain, inflammation, and impaired implant function. There’s been conversation amongst the orthopedic surgical community about whether elective implant removal for pain and impaired function is even a justifiable procedure given the associated risks of a second procedure. Magsorbeo Biomedical is attempting to addresses the risks associated with implant removal with its fully absorbable proprietary magnesium alloy implant. Maintaining predictable and safe absorption can decrease the need for additional surgery or follow-up intervention.
"We're excited to partner with Michigan Rise and leverage their extensive network and expertise, which offer meaningful advantages to our team," said Jake Edick, Co-Founder and CEO at Magsorbeo Biomedical. "This investment will advance Curasorb technology and the Akesorb Maxillofacial System, allowing our team to continue developing this second-generation bioabsorbable alloy and the only bioabsorbable alloy designed to deliver the absorption performance that surgeons have asked for. Maxillofacial surgery patients are burdened by higher-than-average infection and hardware removal rates, and our team is excited to continue its work to commercialize Akesorb. We are confident this bioabsorbable metal plating system will alleviate pain points beyond just absorption, including surgical performance and implant rigidity, which resorbable polymer has been unable to achieve."
The investment from Michigan Rise will advance the development of the Company’s proprietary technology, aiding its delivery to the orthopedic implant market where the technology has the potential to positively impact patient outcomes and reduce risks and excessive trauma associated with these procedures.
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About Michigan Rise
Michigan Rise is a wholly owned venture capital subsidiary of the Michigan State University (MSU) Research Foundation, operated in partnership with the Michigan Economic Development Corporation (MEDC). Michigan Rise provides early-stage funding to innovative companies that have the potential to transform industries and create jobs in Michigan.
About Magsorbeo Biomedical
Magsorbeo Biomedical is a medical device research, development, and manufacturing startup based in Detroit and East Lansing. Magsorbeo’s mission is to restore patient health and physiology with advanced bioabsorbable implant technology, reducing surgical interventions and healthcare costs. The company is developing implants made from Curasorb, an advanced magnesium alloy that is safely absorbed by the body over time.