Micell Technologies, a US-based vascular stent developer backed by industrial equipment provider General Electric and medical device producer St Jude Medical, has raised $25.8m in equity and debt financing according to a securities fiiling.
Micell is seeking to raise $30m in equity and debt in the round, which has so far received funding from 51 investors, the filing states.
Founded in 1995, Micell is the developer of a fluid-based stent used to deliver drugs in medical devices that treat cardiovascular disease. A stent is a tube-shaped device placed in the arteries to ensure bloodflow to the heart.
The company’s flagship product, MiStent SES, allows for the control of drugs released into the vascular system. MiStent is currently available in Europe but is not approved for sale or use in the US.
Micell recently announced the results of a five-year safety study, noting that the data showed “desirable clinical outcomes”.
Micell had previously raised $44.5m in financing, according to securities filings and press reports. St Jude invested $15m in 2009, and General Electric unit GE Pension Trust and investment banking firm Invemed Associates provided $7m in funding in 2007.