Newtown, Pa.-based MID said the deal involves a non-exclusive license for Palm Harbor, Fla.-based Oscor’s catheter technology, in return for Oscor’s exclusive right to its MID’s Mia device for treating tricuspid and mitral valve regurgitation.
Oscor was joined by Originate Ventures, LifeSciences Greenhouse, Ben Franklin Venture Partners and existing backers in the Series D debt conversion. Oscor president & CEO Thomas Osypka is slated to join the MID board as part of the transaction.
MID said it plans to use the cash to complete its SStar study for the Mia device.
“We are excited to be entering into this agreement with Oscor. Under Thomas’ guidance, Oscor has been designing, developing and manufacturing sophisticated catheter technologies for over twenty years,” MID chairman, president & CEO Michael Whitman said in prepared remarks. “Partnering with Oscor will enable MID to rapidly and thoroughly complete MIA’s technical dossier, which is a requirement for CE Mark approval. Additionally, we now have the ability to ramp up production to serve this very large patient population who currently has no real treatment options.”
“We are pleased to partner with MID on this important technology for the minimally invasive treatment of tricuspid and mitral regurgitation. The heart of Oscor’s philosophy is to help the industry identify and refine non-invasive solutions that simplify challenging procedures for the benefit of our patients and clinicians. We see this as a perfect fit between our capabilities and MID’s novel approach to treating patients suffering from these diseases,” Osypka added.