Innovative Implants Minimize Pain and Risk
RWTH start up "Medical Magnesium" won third place at the RICE business plan competition, RBPC, the largest and highest endowed university start up competition in the world. The third place award comes with 700,000 dollars of funding.
The four RWTH graduates Florian Coppers, Kilian Reuß, Alexander Kopp, and Christoph Ptock also won the Elevator Pitch Contest. "We are overwhelmed by the positive feedback from the investors and experts on our technology and business idea," says Florian Coppers, CEO of Medical Magnesium together with Kilian Reuß. "The resounding success at the RBPC is an important factor in our motivation for expanding and growing the company."
The removal of orthopedic implants is painful, risky, and expensive. Until now it has been necessary for numerous fractures. Medical Magnesium develops innovative implants from magnesium, which turns into bone after the fracture heals, making it unnecessary for a second operation to remove the orthopedic implant. The pain, risk, and cost for the healthcare system all shrink. Medical Magnesium is developing and certifying two product lines based on an innovative technology platform.
The Start Up
Medical Magnesium is funded with an EXIST entrepreneurship scholarship from the Federal Ministry for Economic Affairs and Energy, by the Transfer- und Gründerzentrum, and the RWTH Aachen Laboratory for Machine Tools WZL. Professor Fitz Klocke, director of the WZL and chair of the technology of production processes mentored and advised the team.
The RICE Business Plan Competition
The RICE Business Plan Competition is held every year by the Rice Alliance for Technology and Entrepreneurship at Jesse H. Jones Graduate School of Business, University of Houston in Texas. The first competition was held in 2001 with nine teams and 10,000 dollars in prize money. Since then the competition has grown to include 42 teams in the final round and more than 1.5 million dollars in prize money.
Christoph Ptock, Florian Coppers, Alexander Kopp and Kilian Reuß (from left to right) celebrate their success at the RICE business plan competition.