Minnetronix said yesterday it raised $20 million in equity capital through a minority investment from Altaris Capital Partners.
The investment marks the 1st time Minnetronix has raised outside equity since its founding 20 years prior.
“Our team at Minnetronix is passionate about improving patients’ lives. We’ve developed technologies large and small through the years and are seeing a growing need for innovative technologies in underserved areas that tend to be overlooked because they aren’t multi-billion dollar markets. We believe this is an important business niche, and the investment by Altaris will help us accelerate our mission to develop and deliver devices that benefit patients and the physicians who care for them. Altaris, which has tremendous experience in building medtech companies, will be a valuable partner to us as we work to grow our proprietary technologies and therapies, including our groundbreaking cerebrospinal fluid treatment platform for treating life-threatening neurological diseases,” CEO Rich Nazarian said in a press release.
Minnetronix develops electronic and electromechanical devices for the medical device industry. The company has developed tech and products for the cardiovascular, oncology, pulmonary, neurology and wound care markets, the St. Paul, Minn.-based company said.
“We are delighted to partner with Minnetronix. We were attracted to Minnetronix’ track record of serving the development and manufacturing needs of its medical device customers, their deep understanding of the medical device industry, and their innovative approach to developing proprietary technologies and products,” Altaris Capital Partners managing director George Aitken-Davies said in prepared remarks.