Micell Technologies Inc., a Durham-based biotech company, raised an additional $20 million in an equity and debt offering, according to a filing with the Security and Exchange Commission on Tuesday.
It was not disclosed what the company intends to do with the money. The new investment comes from 51 investors, according to the filing.
In November 2016, Micell raised $25.7 million in a private stock offering. It also raised $6 million in April and another $10 million in June.
The company needs another $8 million to reach its goal of $70 million.
- VIDEO: Watch an overview of Micell stent technology at https://www.youtube.com/watch?time_continue=1&v=q5aM6ZrN3SE
Micell is led by Arthur Benvenuto, who has served as the CEO since the company’s formation in 2006.
Prior to his current position, Benvenuto served as chairman for life sciences for RA Capital Group, an advisor to venture capital firms, as well as a board member of other biotech and medical device companies.
Micell Technologies is a medical device company dedicated to transforming products to enhance drug delivery and patient outcomes.
The company’s flagship product, MiStent SES, is a CE-marked drug-eluting stent that is currently available for sale in many different countries.
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.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
Note: This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism.