Injectable and in situ photocurable biomaterials are receiving a lot of attention due to their ease of application via syringe or dedicated applicator and ability to be used in laparoscopic and robotic minimally invasive procedures. The aim of this work was to synthesize photocurable ester-urethane macromonomers using a heterometallic magnesium-titanium catalyst, magnesium-titanium (IV) butoxide. The progress of the two-step reaction was monitored using infrared spectroscopy. The chemical structure and molecular weight of the obtained macromonomers were characterized using nuclear magnetic resonance spectroscopy and gel permeation chromatography. The dynamic viscosity of the obtained macromonomers was evaluated by a rheometer. Next, the photocuring process was studied under both air and argon atmospheres. Thermal and dynamic mechanical thermal properties of the photocured material were investigated. Finally, in vitro cytotoxicity screening based on ISO10993-5 revealed high cell viability (over 77%) regardless of curing atmosphere. Overall, our results indicate that this heterometallic magnesium-titanium butoxide catalyst can be an attractive alternative to commonly used homometallic catalysts for the synthesis of injectable and photocurable materials for medical applications.