15th March 2019: Cardiovascular News
Micro Interventional Devices chairman, president and CEO, Michael Whitman, and Oscor 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, Micro Interventional Devices’ MIA—minimally invasive annuloplasty—technology.
According to a press release, Micro Interventional Devices designs, develops and commercialises proprietary, percutaneous technologies solving unmet needs in structural heart disease. Oscor designs, develops, manufactures and markets a variety of highly specialised implantable devices for neuromodulation, cardiac rhythm management and structural heart disease, as well as ancillary delivery systems and accessories. Additionally, it offers its extensive portfolio of intellectual property to its customers under Contract Manufacturing or OEM branding.
Under the terms of this agreement, Micro Interventional Devices acquires a non-exclusive worldwide license to Oscor’s patented catheter technology and in turn, Oscor receives exclusive manufacturing rights to Micro Interventional Devices’ MIA devices. The synergy accelerates Micro Interventional Devices’ corporate development and provides access to a world-class backend organization with an established regulatory and distribution network.
In conjunction with the strategic alliance, Micro Interventional Devices is closing a US$20 million series D round of financing led by Oscor. Also participating are Originate Ventures, LifeSciences Greenhouse of PA, Ben Franklin Venture Partners of Northeastern PA, and other existing MID shareholders. In this transaction, Micro Interventional Devices debt will convert to Series D preferred stock. Oscor CEO, Thomas Osypka will join Micro Interventional Devices’ board of directors (effective March 2019).
Micro Interventional Devices 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.
Whitman comments: “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 20 years. Partnering with Oscor will enable Micro Interventional Devices 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.”