Micell Technologies raises $26m

Micell Technologies raised $25.8 million in a new round of equity and debt financing, according to an SEC filing posted this week.

Micell currently produces the MiStent SES sirolimus eluting absorbable polymer coronary stent, designed to treat coronary artery disease.

Money in the round came from 51 anonymous sources, according to an SEC filing, with the company looking to raise another $4.2 million before closing the round.

The company has not yet discussed how it plans to spend the money it has raised in the round.

The offer and sale of preferred return notes and the underlying shares of preferred stock and common stock in the round are issuable upon the conversion thereof, the company wrote in its SEC filing.

In August, Micell said it won approval to partner with contract manufacturer Surgical Technologies in Britain and will begin full-scale manufacturing of its MiStent SES for distribution to European Union countries.

Micell won CE Mark approval in the European Union for the drug-eluting stent in 2013. STI will serve as the primary contract manufacturer of the MiStent SES, according to the companies.

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