Micro Interventional Devices, Inc. (MID), a Newton, Pa.-based company that designs, develops and commercializes proprietary, percutaneous technologies, is closing a $20m series D round of financing.
The round was led by Oscor, a company that designs, develops, manufactures and markets a variety of specialized implantable devices for neuromodulation, cardiac rhythm management and structural heart disease, as well as ancillary delivery systems and accessories, with participation from Originate Ventures, LifeSciences Greenhouse of PA, Ben Franklin Venture Partners of Northeastern PA, and other existing shareholders. In this transaction, MID’s debt will convert to Series D preferred stock. In conjunction with the funding, Oscor’s CEO, Thomas Osypka, will join Micro Interventional Devices’ Board of Directors.
The company intends to use the proceeds to complete its ongoing STTAR (Study of Transcatheter Tricuspid Annular Repair) Clinical Trial, which is studying MIA’s safety and efficacy in the percutaneous (less invasive) treatment of tricuspid and mitral regurgitation.
In addition to the investment, MID and Oscor announced a strategic alliance that leverages each company’s capabilities to further develop and commercialize innovative solutions to structural heart disease, specifically, MID’s MIA™, Minimally Invasive Annuloplasty, technology.
Under the terms of this agreement, MID acquires a non-exclusive worldwide license to Oscor’s patented catheter technology and in turn, Oscor receives exclusive manufacturing rights to MID’s MIA devices.