July 12, 2018 (Eden Prairie, MN) – Miromatrix Medical Inc. is excited to announce it recently raised $15.7 million in Series B-2 funding, surpassing its goal of $10 million. As part of the round, Miromatrix also welcomed its first large strategic investor, a multibillion-dollar health care company. The additional funding supports the company’s mission to bioengineer transplantable organs and save lives by eliminating the organ transplant waiting list, as well as the continued commercialization of Miromatrix’ novel acellular products based on perfusion decellularization.
“The closing of our Series B-2 round marks a significant milestone for us and brings us one step closer to our vision of eliminating the organ transplant waiting list,” says Jeff Ross , Ph.D., CEO of Miromatrix. “Not only does it signify the mounting interest in Miromatrix by large companies, it also highlights the growing excitement around our technology, products and progress.”
Through a breakthrough process of perfusion decellularization and recellularization developed at the University of Minnesota, scientists at Miromatrix are engineering fully functioning porcine livers and kidneys with the ultimate goal of developing patient-specific human organs. The company continues to build on its acellular products and the recently reported successful liver re-endothelialization studies where Miromatrix demonstrated functional liver vasculature by maintaining long-term vascular patency of its engineered liver grafts in a porcine model. This demonstration of functional vasculature moves the company closer to its goal of creating lifesaving human organs.
Miromatrix is proceeding with preclinical functional evaluation of its bioengineered livers at the Mayo Clinic in Rochester, MN. The company is targeting the initiation of human clinical studies for its transplantable liver program as early as Q4 2020, with a bioengineered kidney to follow shortly after.