A Look at MNVC’s Orthopedic Device Technology Investor Event in Memphis

For readers who also receive ODT, you may be confused by seeing an orthopedic-centric editor’s letter in MPO. When an article is dedicated to the ortho space, it’s routed toward MPO’s sister publication for obvious reasons. Timing issues and production schedules aside, I didn’t want to allow a recent experience to fall by the wayside. I was invited to attend the 2022 MNVC (Musculoskeletal New Ventures Conference) in Memphis in September. This was my first time at the event, but organizer Gary Stevenson of MB Venture Partners was celebrating its 20th anniversary.

Stevenson started the conference with a brief introduction that highlighted his organization. MB Ventures maintains more than $120 million of committed capital with a focus on medical device and biotech. It’s funded dozens of emerging companies and has 80% of its capital in musculoskeletal startups. Some of the organization’s success stories (i.e., investments) include BioMimetic Therapeutics (acquired by Wright Medical Group and now with Stryker), Salient Surgical Technologies (bought by Medtronic), Cayenne Medical (purchased by Zimmer Biomet), and CrossRoads Extremity Systems (nabbed by Johnson & Johnson’s DePuy Synthes).

Stevenson explained his MNVC event was a place for everyone involved with the industry, from the startups (who present in a showcase format throughout the event) through to the firms that may be seeking to acquire them. At the 2022 event, 35 startups were provided a forum to have the spotlight (each for a 20-minute timeframe).

GMMDC (Greater Memphis Medical Device Council) board member Patrick Fisher, VP and GM for Stryker’s Foot and Ankle business unit, provided a sort of “Why Memphis?” welcome, which included facts and figures on how the city became the orthopedic “hot spot” it is today. Among the history lesson, he highlighted several current reasons for companies to consider the region, including an increasing number of trained workers, the FedEx super hub, 4x the national average in industry growth, and one more item that really grabbed my attention—MOVEHIRE, a tuition-free skill development and training program that provides industry recognized credentials and work-based learning opportunities. It sounded like an exciting program and I will certainly dig deeper to perhaps share more about it in a future issue.

The full assembly of attendees were also treated to insightful sessions such as the Musculoskeletal M&A and Equity Market Overview by Michael Ragan, executive director at Morgan Stanley. This industry M&A deep dive focused on transaction activity in the space and also looked at factors impacting it. Ragan highlighted several important considerations: there are multiple factors stagnating growth, higher inflation will remain, the labor market remains tight, and CEO confidence is waning.

During another session, we were invited to a fireside chat between Kip Roberts, senior director, and Skip Kiil, operating unit president, both from Medtronic. During this conversation, it was revealed Medtronic is significantly emphasizing the digitalization of healthcare and the technologies involved in that effort. To that end, robotics in healthcare was a topic discussed and Kiil said it was not going away; it would only continue to accelerate. The duo also spoke to the use of predictive analytics and the value proposition it brings to the equation. Supply chain and China were also discussed and the challenges and opportunities there.

While the conference presentations are fantastic and provide valuable insights, my favorite aspect of an event like this is the innovation; the technology is always most interesting to me. While I can’t highlight all 35 firms from the event, I did sit in on a few that were intriguing. Onkos Surgical (recently featured in the emerging companies article “En Route” in the July/August issue of ODT) is addressing orthopedic surgical solutions for cancer patients. ConveyMED is tackling challenges of professional education for physicians through CME-accredited podcasts (while also giving an avenue to companies to reach doctors directly via the platform). Epix Orthopaedics seeks to offer the first and only patient-specific hip nail that can be adjusted to avoid malalignment in-situ. APEX Biologix provides platelet-rich plasma to patients experiencing pain and negates the need for surgery, steroid injection, and pain medication. RevBio produces Tetranite, a bioadhesive for bone that sets fast, is load bearing, and is replaced by natural bone ingrowth with no loss of volume.

Even if orthopedics innovation isn’t your area of focus, the MNVC is a great reminder for all to support and attend these types of events to ensure the innovation pipeline of startup medical device firms continues to be as robust as possible. 

Sean Fenske, Editor-in-Chief
[email protected]