A Casper medical technology startup has launched a $40 million investment campaign — and wants locals to be a part of it.
McGinley Orthopedics designs new products for orthopedic surgeries.
Its founder and CEO, Joseph McGinley, is a Casper radiologist. (McGinley is also state committeeman for the Natrona County GOP.)
The business, which employs between 25 and 35 people, is located in downtown Casper. Its products are manufactured in Glenrock.
The new campaign uses the “Reg A+” investment model, which lets small businesses raise money by selling shares to the public, similar to crowdfunding. The name comes from the Securities and Exchange Commission regulation that makes this kind of investing legal.
A news release by McGinley Orthopedics on Monday called it “an opportunity for Wyoming residents to support innovative technologies being designed and manufactured in their backyard.”
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According to the company’s website, shares are $5.25 each, and there’s a $100 minimum for those interested in investing.
The company hopes to use the $40 million raised through the campaign to allow grow the manufacturing, marketing and sales of its products, McGinley said.
McGinley Orthopedics makes two kinds of products at the moment.
The first is surgery tools enhanced with sensors. The idea is to make orthopedic surgery safer, easier and cheaper for doctors to perform, McGinley said.
“Right now, if you had an injury that required an orthopedic surgery, they would use traditional power tools that are less advanced than what you would find at your hardware store,” McGinley said.
The company’s tools, in contrast, can sense when a surgeon drills through bone — and automatically stop when it gets through. They also tell doctors exactly what size screws they need when they’re putting the hardware in a place, McGinley said.
McGinley Orthopedics also developed a new plate system for healing wrist fractures.
Not all wrist fractures require surgery to heal. But the technology used to heal those that do hasn’t changed in decades, McGinley said. In some cases, it’s just a “flat plate” used to realign the bones, he said.
Whether or not the plate aligns the fracture properly depends on the skill of the doctor, he said.
McGinley Orthopedics has six additional products in development, according to the company’s website. In total, the business has 102 issued patents and is waiting on 22 more.