Maple Grove Medical Device Maker MicroOptx Raising $16.8 Million
Medical device maker MicroOptx has raised $13.8 million toward a $16.8 million goal, according to a filing with the Securities and Exchange Commission (SEC). It’s the company’s fourth and by far most substantial funding round since its inception in 2014.
Based in Maple Grove, MicroOptx is focused on developing an optical implant that’s designed to halt the progression of glaucoma by helping reduce pressure on the optic nerve. At the time of its most recent previous fundraising effort in the fall of 2017, MicroOptx was set to receive FDA approval on taking its implant to human trials.
MicroOptx CEO Chris Pulling told TCB at the time that he expected the implant to be market ready by late 2020 or early 2021.
To date, the company has raised more than $4 million through four prior fundraising efforts, according to SEC filings. The company also won $50,000 for the grand prize of the 2017 MN Cup state entrepreneurial competition.
This current funding round builds on that using equity sales. The first sale was made June 11, and so far, the company-wide record-breaking round has drawn 48 investors.
One investor is Carl Zeiss Meditec, a Germany-based medical technology company that has an established portfolio of products related to ophthalmic surgery, including treatments for glaucoma.
“The investment in MicroOptx will give ZEISS an early position in this new technology designed to increase MIGS adoption for treating glaucoma,” said James V. Mazzo, Zeiss’s global president-ophthalmic devices, in a statement.
MicroOptx did not return calls for comment by press time.