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Magnesium Development secures investment from Cultivate(MD) fund

Cultivate(MD) LLC, through its early-stage healthcare fund Cultivate (MD) Capital Fund II LP, invested an undisclosed sum in Magnesium Development Co. LLC.

The Missoula, Mont-based target company provides a magnesium alloy technology for orthopedic applications, including interference screws for anterior cruciate ligament repair, sports medicine anchors, plates, screws and wires addressing foot and ankle procedures, as well as for trauma applications.

Magnesium Development CEO Rob Ball said in a release that his company aims to use the funding to help advance the alloy technology for human orthopedic use later in 2019.

Cultivate(MD) is a venture capital unit of biotechnology-focused Genesis Innovation Group LLC.