Nextremity Solutions, Inc. Enters into Exclusive Agreement with Fort Wayne Metals to Commercialize Implants Using a Magnesium Alloy
This exclusive supply agreement provides Nextremity Solutions access to a specialty Magnesium-based alloy for use in orthopedic implants
WARSAW, Ind., Jan. 25, 2021 /PRNewswire-PRWeb/ -- Nextremity Solutions, Inc., a Strategic Commercialization Organization (SCO) with a focus on the extremity musculoskeletal space, located in "The Orthopedic Capital of the World," Warsaw, Ind., announced that it has entered into an exclusive supply agreement with Indiana-based Fort Wayne Metals.
This exclusive supply agreement provides Nextremity Solutions access to a specialty Magnesium-based alloy for use in orthopedic implants and supports efforts by Nextremity Solutions to quickly bring a resorbable medical-grade technology to the U.S. and global marketplace.
"Nextremity is great fit to bring this alloy to market," stated Scott Glaze, Chairman and CEO of Fort Wayne Metals. "It's always gratifying to help like-minded companies develop innovative ways to improve patient care. It's even better when we find a partner in our home state."
Ryan Schlotterback, Chief Technology Officer for Nextremity Solutions, commented, "At Nextremity Solutions, we challenge ourselves to continually review and evaluate various medical device technologies, including unique material advancements that have the potential to significantly impact the orthopedic marketplace and improve the lives of the surgeons and patients we serve daily."
Currently, metal implants in the orthopedic marketplace are typically made of Stainless Steel (316L), Cobalt Chrome (CoCr), or Titanium (Ti) due to the strength needed to stabilize fractures or deformities in bone and their resistance to corrosion. These implants often remain in patients for the entirety of their life or until a surgeon determines it can/needs to be removed in an additional surgery.
"We see great value in this resorbable metal technology and its ability to advance the standard of care, allow patients to eventually be implant-free, while reducing the need for hardware removal and the additional burden placed on our healthcare system," added Schlotterback.
According to a study found in the Journal of Magnesium and Alloys1, a great amount of research has focused on developing biodegradable, low density and highly bioactive implants without compromising on strength. The study found that, compared with biodegradable polymer material, magnesium alloys have "good mechanical compatibility and can provide higher initial stability and initial support." Additionally, the weight and density of magnesium alloys is very similar to that of human bones. The biocompatibility of magnesium has been shown to increase the rate of bone formation, which is beneficial to patient healing.
"This has been years in the making," said Jeremy Rohrs, President and COO of Fort Wayne Metals. "The development of any new alloy involves carefully balancing multiple characteristics. With a resorbable alloy, some of these characteristics change over time, which gave our R&D team a whole new level of complexity to deal with."
Nextremity Solutions intends on leveraging the benefits of this material technology to develop an entire orthopedic product portfolio. Nextremity Solutions will be responsible for research and development activities, obtaining the appropriate levels of regulatory clearance, and establishing the appropriate in-house manufacturing processes and procedures to be able to confidently supply finished product into the marketplace.
"We are excited about this technology and the opportunity to make it available to a strategic partner for further expansion in the musculoskeletal marketplace. We believe it will not only provide incredible benefit to patients, but also provide a strategic partner with a truly differentiating product offering across various segments of orthopedics," added Rod K. Mayer, CEO & President of Nextremity Solutions.
1."Insight of magnesium alloys and composites for orthopedic implant applications–a review" - R. Radha, D. Sreekanth / Journal of Magnesium and Alloys 5 (2017) 286–312
About Fort Wayne Metals
Fort Wayne Metals Research Products Corp is a leading manufacturer of high-quality materials, precision wire, strands and cables, and component assemblies for medical devices and other demanding applications. Fort Wayne Metals is an ISO 9001, ISO 13485 and AS 9100 registered company with over 1,200 employees at their corporate headquarters in Fort Wayne, IN, as well as in Columbia City, IN, and Castlebar, Ireland. Learn more at https://www.fwmetals.com/.
About Nextremity Solutions, Inc.
Nextremity Solutions, Inc. is a privately held Strategic Commercialization Organization (SCO) with a focus on lower and upper extremity, trauma, sports medicine and joint preservation, offering innovative solutions and Revenue Ready® products for various extremity musculoskeletal applications and for the benefit of our industry partners. The Company's procedure-ready, sterile implant systems include uniquely precise, proprietary technology designed to achieve repeatable and superior clinical outcomes. Learn more at https://www.nextremity.com/.
Media Contact
Dave Temple, Nextremity Solutions, Inc., +1 574-635-3022, [email protected]
SOURCE Nextremity Solutions, Inc.
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