Micell Technologies continues to raise new funding in a megaround of capital that now has a funding target of a whopping $50 million.
And the company is targeting a host of investors across 42 states plus the District of Columbia.
So far, 51 investors have participated in the round.
In a securities filing, the Durham-based medical technology company has raised its target from $30 million, which was disclosed in a filing last November when it to that point had closed on nearly $26 million.
Micell has now upped its cash haul to almost $42 million.
The investors are getting a mixture of debt and equity.
The funding comes after recent positive news:
- In May announced “positive twelve-month data from its DESSOLVE III clinical trial” for Mistent.
- Last November, Micell announced the first patient enrollment for its stent technology in Japan.
- Last October, Micell reported “positive five-year clinical data” for its Mistent technology.
Micell is owned and operated by Arthur Benvenuto and Daniel Estay. The company has 43 employees, according to its LinkedIn website.
The company launched in 2006.
Their product, MiStent, is a CE-marked drug eluting stent that is available in multiple countries across Europe.
MiStent is currently used in the interventional cardiology market, but has the ability to be adaptable to a broad range of drugs and therapeutic agents.
All about Micell Technologies
Micell Technologies is an innovative technology company dedicated to transforming medical devices for improved patient outcomes. The Company’s supercritical fluid technology is a key component in its enhanced drug delivery system, which is currently in use within the interventional cardiology market, though the technology has potentially far-reaching applications for treating cardiovascular disease. Focused on eliminating some of the primary limitations typical of existing technologies used to create drug-eluting medical devices, Micell is committed to bringing this unique approach to market.
The Company’s flagship product, MiStent SES, is a CE-marked drug-eluting stent that is currently available for sale in many countries around the world. In Europe, MiStent SES can be purchased through our distribution partner, STENTYS. MiStent SES is not approved for sale or use within the United States.
Note: North Carolina Business News Wire contributed to this report.