Marietta life sciences company MiRus LLC raised $65 million for its medical implants, which are used for spine, orthopedic and structural heart treatments, according to a July 27 release.
Inside the deal: Mammoth Scientific, a health science and technology venture capital firm, led the round. Jay Yadav, CEO of MiRus and prominent Atlanta medical entrepreneur, is the chief investment officer and co-founder of Mammoth. Mammoth launched a $100 million fund earlier this month. Family offices also participated in MiRus' funding round, according to the release.
About the company: MiRus has patents on all medical implants made from Rhenium-based superalloys, which the company says are stronger and perform better than traditional medical implants. The implants are used to treat spine, orthopedic and structural heart diseases. MiRus was founded in 2016 and received FDA approval for its first spine implant in 2019.
Yadav is an interventional cardiologist and has founded several other companies, including CardioMEMS, which St. Jude Medical acquired, and Angioguard Inc., which is now owned by Johnson & Johnson.
Why it matters: MiRus says it will use the funding to scale its first product and create more medical implants using Rhenium-based superalloys. The company could disrupt the medical implant industry as it continues product development.
MiRus is also an example of the life sciences companies that Georgia Tech is trying to attract with the Technology Enterprise Park development in West Midtown. Atlanta is ranked as the country's No. 8 emerging cluster for life sciences, and Georgia Tech wants to further capitalize on that industry.
What they’re saying: “This funding will allow us to meet the overwhelming demand from spine surgeons across the country for our highly differentiated products and procedural solutions using the MoRe® superalloy and continue our planned expansion into other important areas including structural heart disease,” Yadav said in the release.
