Dgimed Ortho Inc. is looking to raise $2 million from the sale of equity and warrants, according to documents filed with the Securities and Exchange Commission.
The orthopedic startup, based in Minnetonka, Minnesota, has so far raised $550,000 of that amount.
Dgimed is developing a nail and drill system, dubbed Distalock, that allows orthopedic surgeons to quickly and accurately insert locking screws used to stabilize rod-like implants in patients suffering from long bone fractures.
The company says the technology, invented by Dr. Ramon Gustilo of the Excelen Center for Bone and Joint Research and Education in Minneapolis, can ultimately lower costs by speeding surgeries, and reduce or eliminate the need for X-rays.
Dan Gladney, a healthcare operating partner at buyout firm Norwest Equity Partners, founded Dgimed in 2008. Franck Gougeon, founder and former CEO of AGA Medical in Plymouth, Minnesota, sits on the board of directors.