Magsorbeo announced the close of its pre-seed round, securing over $1M (USD) and marking a significant early milestone that supported the company to launch with a sound foundation, now poised for accelerated momentum. 

“This pre-seed funding enabled us to take big strides in our quest to develop high-performance absorbable metal implants,” CEO & Co-Founder, Jake Edick, said in a company news release. “As pioneers in absorbable magnesium R&D, we had prior experience creating products that have since been successfully commercialized while also seeing first-generation competitors make attempts in this space and publish their data. Those insights combined with our knowhow and preseed funding allowed Magsorbeo to create a differentiated alloy technology and establish concrete pathways to achieve design freeze, scalable manufacturing, market clearance and adoption." 

According to Magsorbeo, its proprietary Curasorb alloy is the first orthopedic implant material designed to match titanium implant performance while also achieving a safe and controlled absorption profile for optimal patient outcomes without the need for a coating. Competitors’ necessity for ceramic coatings to obtain adequate osseointegration limits their product offerings while increasing cost and complexity. Curasorb provides surgeons with a plug-and-play alternative over a larger range of implants, offering safe and natural absorption to eliminate any need for future removal surgeries and long-term complications for a larger patient population.

The early establishment of joint development partners enabled the company to design, develop and manufacture its patent-pending alloy technology through in-kind investments while retaining 100% of the IP. Additional angel investors and two Michigan-based institutional investors, Michigan Rise and Red Cedar Ventures, filled out the remaining round. Exceeding the funding goal stands as a testament to company co-founders and their vision to deliver on this technology's unique potential, especially in an economic climate with substantial fundraising challenges to early startups. The company has announced that it is progressing with its plans to grow the team and execute several preclinical studies in anticipation of a First-in-Human clinical trial scheduled to initiate next year, supported by early traction and subsequent interest.

The company is grateful for existing stakeholders, who continue to support Magsorbeo financially, and new investors who have placed their trust in the company's mission. Stay tuned for more news as they embark on this next phase of growth and innovation.

About: 

Magsorbeo Biomedical is a medical device and manufacturer startup company, based in Michigan, and co-founded by Jake Edick and Carolyn Woldring.

Press/Media Contact:

Amy Ghelardi, CCO

amy.ghelardi@magsorbeo.com