Miromatrix Medical, which is developing novel bioengineering technology for organ transplants, announced terms for its IPO on Wednesday.
The Eden Prairie, MN-based company plans to raise $32 million by offering 4 million shares at a price range of $7 to $9. At the midpoint of the proposed range, Miromatrix Medical would command a fully diluted market value of $162 million.
Miromatrix is developing a novel technology for bioengineering fully transplantable human organs, with an initial focus on human livers and kidneys. The company has demonstrated the ability to bioengineer these organs with functional vasculature and important organ function in preclinical studies, and it has collaborations with the Mayo Clinic, Mount Sinai, and the Texas Heart Institute. Miromatrix hopes to initiate its first Phase 1 trial in late 2022 with its External Liver Assist Product (ELAP System), with interim results anticipated in early 2023. The company previously developed and commercialized two medical device products using its proprietary perfusion decellularization technology: Miromesh for hernia repair applications, and Miroderm for a variety of advanced wound care applications. Miromatrix spun out this business as Reprise Biomedical in June 2019 in order to focus on bioengineered human organs.
Miromatrix Medical was founded in 2009 and plans to list on the Nasdaq under the symbol MIRO. Craig-Hallum Capital Group is the sole bookrunner on the deal. It is expected to price during the week of June 21, 2021.
