Miromatrix Medical, a developing novel bioengineering technology for organ transplants, raised $43 million by offering 4.8 million shares at $9, the high end of the range of $7 to $9. The company offered 0.8 million more shares than anticipated.
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 plans to list on the Nasdaq under the symbol MIRO. Craig-Hallum Capital Group acted as sole bookrunner on the deal.
