The initial structured finance 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.
"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.
Permaseal is the first 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.
"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 (Sutureless Transapical Access and Closure Study) trial and securing CE Mark in order to fulfill this unmet therapeutic need," said Gausling.
The funding will also support MID's research and development initiatives focused on developing other closure devices.