Led · Series D · Mar 2019

Micro Interventional Devices (MID) designs, develops and commercializes proprietary percutaneous technologies focused on structural heart disease. Its lead technology is MIA™ (Minimally Invasive Annuloplasty), intended for percutaneous treatment of tricuspid and mitral regurgitation. The company is completing the STTAR (Study of Transcatheter Tricuspid Annular Repair) clinical trial to evaluate MIA’s safety and efficacy. MID announced a strategic alliance with Oscor to further develop and commercialize solutions for structural heart disease. Under that alliance MID acquired a non-exclusive worldwide license to Oscor’s patented catheter technology while Oscor received exclusive manufacturing rights to MID’s MIA devices. The company is using the recent financing to complete its ongoing clinical study and advance commercialization efforts. Micro Interventional Devices (MID) is an emerging cardiovascular medical device company based in Bethlehem, PA, founded in May 2010. Its core product, Permaseal, is described as the first transapical access device to enable true "self-sealing," sutureless cardiac access and closure. Permaseal is designed to enable a range of structural heart repair procedures including transcatheter aortic valve implantation (TAVI) and mitral valve replacement and repair. MID is also developing percutaneous transapical and large bore femoral access and closure devices using proprietary soft-tissue anchoring technology that enables off-pump procedures. Financially, MID has secured $3.5M of an expected $5M Series B financing. The company intends to use the funding to advance Permaseal development, complete the STASIS clinical study, pursue CE Mark approval, and support ongoing R&D. Micro Interventional Devices is developing solutions for a wide range of structural heart repair procedures. The company is working on a new minimally invasive structural heart repair product called Permaseal™ and intends to use recent funding to develop and begin commercializing it. Micro Interventional Devices received a $100k loan from the Ben Franklin Technology Partners of Northeastern Pennsylvania. The company was founded in 2010 and is led by CEO Michael P. Whitman and CSO Willard Hennemann, PhD. Its development work targets procedures including TAVI, transcatheter mitral valve replacement, LVAD placement, mitral valve repair, valvuloplasty, aortic arch repair, ASD/VSD closure, left atrial appendage closure, and arrhythmia ablation. Micro Interventional Devices develops Permaseal, a sutureless closure device that uses soft tissue anchors and biocompatible elastomers to form a web structure around myocardial access sites and provide hemostatic left-ventricle access during minimally invasive cardiac procedures. The device is applied before transcatheter aortic valve implantation (TAVI) and constricts around the ventricular opening after guidewire extraction; the company is also pursuing use in transcatheter mitral valve replacement and mitral valve repair. The company was launched in 2010 in Bethlehem, Pennsylvania, and is pursuing CE-mark clinical evaluation (the STASIS study) and commercialization in Europe. A 40-person European STASIS trial scheduled for Q3 will evaluate safety and performance for left ventricular transapical access and closure, with procedure time as a secondary endpoint and top-line results expected in Q4. Financially, Micro Interventional Devices secured a $500,000 bridge financing earlier this year (with Life Sciences Greenhouse of Central Pennsylvania contributing) and counts Battelle Ventures, New Hope Ventures and Ben Franklin Technology Partners of Northeastern Pennsylvania among its investors. The company is commencing a Series B in September seeking $5–8 million to complete CE mark approval and support European commercialization. Micro Interventional Devices (MID) is an early-stage cardiovascular medical device company founded in May 2010 and located in Bethlehem, PA. MID's initial product offering is Permaseal, a patent-pending minimally invasive access and wound-closure device designed to move with the beating heart while keeping wound edges closed. Permaseal enables sutureless healing, and the company describes it as cost- and time-efficient for structural heart repair procedures. The device provides a biocompatible implant affixed to the apex of the heart to create a transmyocardial access site for procedures such as TAVI, transcatheter mitral valve replacement, mitral valve repair, LVAD placement, ASD/VSD closure, left atrial appendage closure and arrhythmia ablation. MID says its proprietary soft-tissue anchoring and delivery-device technology enables off-pump procedures and aims for Permaseal to become a new standard of care. Michael Whitman is named as President & CEO in the announcement.