Micro Interventional Devices, Inc. Closes First Tranche of $5 Million Series B Financing Proceeds to Fund Enhancement and CE Mark Approval of the Permaseal™ Transapical Access and Closure Technology
BETHLEHEM, Pa., Jan. 14, 2013 /PRNewswire/ -- Micro Interventional Devices, Inc.™ (MID), an emerging cardiovascular medical device company, announced today it has secured $3.5 million of its expected $5 million Series B financing. The initial tranche was led by Originate Ventures with existing investor, Battelle Ventures, LP, also participating in the round. In conjunction with the financing Mike Gausling, Managing Partner of Originate Ventures, will join the MID Board of Directors.
The funding will be used to support the ongoing development of the Permaseal™ product, advance the STASIS clinical study (Sutureless Transapical Access and Closure Study) and obtain CE Mark approval for Permaseal. The funding will also support MID's research and development initiatives focused on developing its percutaneous transapical and large bore femoral access and closure devices.
"The market for transcatheter aortic valve implantation is expected to grow rapidly over the next several years as innovation continues to improve and simplify the procedure," said Mike Gausling, Managing Partner of Originate Ventures. "Originate Ventures believes that Permaseal represents a significant opportunity given these market dynamics. I am excited to be joining MID's Board of Directors and to work with management to ensure the successful clinical and commercial development of this revolutionary access and closure technology."
Permaseal is the first transapical access device to enable true "self-sealing," sutureless cardiac access and closure. The device is designed to enable a range of structural heart repair procedures including transcatheter aortic valve implantation (TAVI) and mitral valve replacement and repair.
"Closing the first tranche in our Series B, and the addition of Mike Gausling to MID's Board, are key milestones in the growth of MID and ongoing development of Permaseal," stated Michael Whitman, President and CEO of MID. "As TAVI becomes more widespread there is a critical need for efficient cardiac access and closure devices. We believe the Permaseal platform is a true game-changing technology, and we look forward to completing the STASIS trial and securing CE Mark in order to fulfill this unmet therapeutic need."
About Micro Interventional Devices, Inc:
Micro Interventional Devices, Inc. (MID) is an emerging cardiovascular medical device company founded in May 2010. MID is developing solutions for transcatheter aortic valve implantation (TAVI), transcatheter mitral valve replacement and repair and other emerging structural heart repair procedures. The company is developing proprietary technology based on a breakthrough in soft-tissue anchoring and associated delivery devices that enable off-pump procedures. To learn more, please visit www.microinterventional.com.
Micro Interventional Devices, Inc.
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SOURCE Micro Interventional Devices, Inc.