Micro Interventional Devices, Inc. Enters Strategic Alliance With Oscor, Inc.
March 11, 2019—Micro Interventional Devices, Inc. (MID) and Oscor, Inc. announced a strategic alliance to develop and commercialize solutions to structural heart disease, specifically, MID's minimally invasive annuloplasty (MIA) technology.
MID develops and commercializes percutaneous technologies for structural heart disease. Oscor develops and markets specialized implantable devices for neuromodulation, cardiac rhythm management, and structural heart disease, as well as ancillary delivery systems and accessories. Oscor offers its portfolio to customers under contract manufacturing or original equipment manufacturer branding.
MID advised that under the terms of this agreement, the company acquires a nonexclusive worldwide license to Oscor's catheter technology. In turn, Oscor receives exclusive manufacturing rights to MID's MIA devices. The agreement accelerates MID's corporate development and provides access to a world-class backend organization with an established regulatory and distribution network.
In conjunction with the strategic alliance, MID is closing a $20 million series D round of financing led by Oscor. In this transaction, MID's debt will convert to series D preferred stock.
MID advised that it will use the proceeds to complete its ongoing clinical trial, STTAR: Study of Transcatheter Tricuspid Annular Repair. STTAR is evaluating MIA's safety and efficacy in the percutaneous treatment of tricuspid and mitral regurgitation. Eight patients have been enrolled in the STTAR trial to date with encouraging results.
MID is conducting the STTAR clinical trial studying its MIA tricuspid repair technology in Europe. According to MID, the partnership with Oscor will enable the company to complete its technical dossier, which is a requirement for European CE Mark approval.