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Micro Interventional Devices, Inc.(TM) Enters Strategic Alliance with OSCOR, Inc.; Closes Series D Financing
NEWTOWN, Pa., March 7, 2019 /PRNewswire/ -- Micro Interventional Devices, Inc. (MID) Chairman, President and CEO, Michael Whitman, and OSCOR, Inc. President and CEO, Thomas Osypka, are pleased to announce a strategic alliance that leverages each company's unique strengths and capabilities to further develop and commercialize innovative solutions to structural heart disease, specifically, MID's MIA™, Minimally Invasive Annuloplasty, technology.
MID designs, develops and commercializes proprietary, percutaneous technologies solving unmet needs in structural heart disease. OSCOR Inc. serving the medical device industry for over 37 years, designs, develops, manufactures and markets a variety of highly specialized implantable devices for neuromodulation, cardiac rhythm management and structural heart disease, as well as ancillary delivery systems and accessories. OSCOR offers its extensive portfolio of intellectual property to its customers under Contract Manufacturing or OEM branding.
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. The synergy accelerates MID's corporate development and provides access to a world-class backend organization with an established regulatory and distribution network.
In conjunction with the strategic alliance, MID is closing a $20 million series D round of financing led by OSCOR. Also participating are Originate Ventures, LLC, LifeSciences Greenhouse of PA, Ben Franklin Venture Partners of Northeastern PA, and other existing MID shareholders. In this transaction, MID's debt will convert to Series D preferred stock. OSCOR's CEO, Thomas Osypka will join Micro Interventional Devices' Board of Directors effective March 2019.
MID will use the proceeds to complete its ongoing STTAR Clinical Trial. STTAR, the Study of Transcatheter Tricuspid Annular Repair, is studying MIA's safety and efficacy in the percutaneous (less invasive) treatment of tricuspid and mitral regurgitation. Tricuspid and mitral regurgitation affects an estimated 12 million people worldwide. Eight patients have already been enrolled in the STTAR trial to date with encouraging results.
"We are excited to be entering into this agreement with OSCOR. Under Thomas' guidance, OSCOR has been designing, developing and manufacturing sophisticated catheter technologies for over twenty years," said Michael Whitman. "Partnering with OSCOR will enable MID to rapidly and thoroughly complete MIA's technical dossier, which is a requirement for CE Mark approval. Additionally, we now have the ability to ramp up production to serve this very large patient population who currently has no real treatment options."
Thomas Osypka added, "We are pleased to partner with MID on this important technology for the minimally invasive treatment of tricuspid and mitral regurgitation. The heart of OSCOR's philosophy is to help the industry identify and refine non-invasive solutions that simplify challenging procedures for the benefit of our patients and clinicians. We see this as a perfect fit between our capabilities and MID's novel approach to treating patients suffering from these diseases."
About Micro Interventional Devices, Inc. (MID):
MID is a leader in percutaneous structural heart repair. Presently, MID is conducting the STTAR clinical trial studying its MIA™, minimally invasive annuloplasty, tricuspid repair technology in Europe.
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SOURCE Micro Interventional Devices, Inc.