Micro Interventional Devices (MID), a US-based developer of heart disease treatment systems, has completed a $20m series D round led by medical device maker Oscor.
Originate Ventures, LifeSciences Greenhouse of Central Pennsylvania and Ben Franklin Venture Partners also contributed to the round, as did undisclosed existing shareholders. Oscor CEO Thomas Osypka is joining MID’s board of directors in connection with the round.
MID has developed devices that allow surgeons to perform minimally invasive procedures such as mitral valve repair and replacement which treat heart disease as an alternative to open surgery.
The series D capital will fund clinical trial for Sttar (study of transcatheter tricuspid annular repair), looking at the safety and efficacy of the company’s MIA technology in treating tricuspid and mitral regurgitation, a leakage of blood in the heart.
Oscor has also formed a strategic partnership with MID and will receive exclusive manufacturing rights to the company’s devices. MID has secured a non-exclusive worldwide license to Oscor’s catheter technology as part of the deal.
MID raised $3.5m of an expected $5m series B round in 2013. Originate led the funding, investing alongside Battelle Ventures, though it is not clear if the company closed the round.
Ben Franklin Venture Partners had provided an undisclosed amount of funding for the company in 2011, before it added $250,000 from Life Sciences Greenhouse the following year. It has not revealed details of any series C financing.