Minnesota’s DGIMed Ortho raising $4.5 million

MINNETONKA, Minnesota — DGIMed Ortho, which is developing medical devices to help heal long-bone fractures, is raising up to $4.5 million, according to a filing with the Securities and Exchange Commission.

The company is developing a series of nails, surgical instruments and a drill that combined would work faster and do a better job of fastening screws in place during surgery. Also, the company thinks its process will cut down on the number of X-Rays needed to confirm success of such procedures, and slash by half the time it takes to perform the operation.

The company had raised $3.4 million earlier this year as it works toward submitting an application to the U.S. Food and Drug Administration. It was at that time DGIMed Ortho hired its new chief executive officer, former medical imaging executive Philip I. Smith, and chief operating officer, Scott P. Youngstrom.

The company has raised nearly $1 million of the $4.5 million listed in the latest SEC filing.