Eden Prairie-based Miromatrix Medical Inc. on Monday announced the spinoff of its medical device startup Reprise Biomedical Inc.
The spinoff will enable Miromatrix to focus exclusively on its long-term goal of developing transplantable livers and kidneys from regenerated pig tissue, says CEO Jeff Ross.
The news comes after a brief fundraising period that netted $12.5 million. In May, the company launched a private placement that wrapped up last month.
That capital will help accelerate the commercialization of Reprise’s two main products: the Miromesh biological mesh and the Miroderm surgical mesh. Each product is derived from pig tissue.
“The ability to go out and raise this level of financing in a very short amount of time demonstrates the excitement around Miromatrix technology, and the potential of these products,” Ross says.
Some of the funds will return to Miromatrix, too.
Meanwhile, the spinoff lays the groundwork for Miromatrix to launch a Series C fundraising round, Ross says. The goal is to launch that round in about a month, according to Ross.
The company will be looking for dedicated funding for advancement of its organ development program. The aim is to bring transplantable organs to market by 2021’s end, Ross says.
A year ago, Miromatrix raised $15.7 million in equity funding.
The University of Minnesota helped incorporate MiroMatrix in 2009.