US-based MiRus has closed a $65m funding round to advance its spine and extremity portfolios and develop structural heart disease solutions using its Rhenium-based alloys (MoRe).
The funding round was led by Mammoth Scientific and multi-generational family offices that have supported the company from its formation.
Based in Marietta, Georgia, MiRus is engaged in developing and commercialising novel biomaterials, implants and procedural solutions for the treatment of spine, orthopaedic and structural heart disease.
The company said it has global patent coverage for all of its medical implants made from Rhenium-based superalloys.
MoRe alloys are said to have superior mechanical strength, fatigue resistance and better biological performance compared to traditional titanium, cobalt and nickel-based alloys used in medical implants.
Mammoth Scientific CEO Tommy Martin said: “We are excited to partner with the blue-chip team at MiRus and see the application of its disruptive technology platform across medical implants.
“MiRus has already revolutionised spine surgery and has a remarkable pipeline for groundbreaking products in complex extremity surgery and TAVR (transcatheter aortic valve replacement).”
MiRus has secured the first FDA approval for its MoRe-based spine implant in 2019.
The company said that the new funding would help address the demand for its highly differentiated products and procedural solutions using MoRe superalloy.
Also, the investment will help support the company’s planned expansion into other important areas, including structural heart disease.
MiRus said that its implant technology is making complex spine surgeries less invasive and more durable, and its spine implants are distributed across hospitals and surgery centres.
Furthermore, the company offers MoRe Promise, where it will pay for the cost of all revision implants if the MoRe rod fails to lead to revision surgery.
MiRus chief commercial officer Mahesh Krishnan said: “We are also thrilled to be launching GALILEO RPM (Remote Physiologic Monitoring), the only spine surgery focused outcomes and analytics platform.
“We are rapidly expanding our national sales and distribution network with multiple contracts with GPO, IDN, IHN and regional health networks around the country.”
