DGIMed Ortho raises $2.1M

An orthopedic company in Minnetonka, Minnesota has raised $2.1 million in its latest funding round, according to a filing with the U.S. Securities & Exchange Commission.

DGIMed Ortho, an early stage medical device company, makes the Distalock system consisting of intramedullary nails and drills that assists orthopaedic surgeons. Intramedullary nails or rods are metal rods that are used to help in the repair of broken long bones. Founded in 2008, DGIMed announced last October that its product was used for the first time in the U.S. at North Memorial Medical Center, a Level 1 trauma center in Robbinsdale, Minnesota. The intramedullary nail system won regulatory clearance in May of last year.

The company hopes to raise an additional $375,220; it has raised money before through a mix of options and warrants.

Franck Gougeon, founder and former CEO of AGA Medical sits on the company’s board