Mitralign pulls in $24M in third round

Medical device maker Mitralign Inc. has closed a $24 million Series C round of equity financing, officials said..

Mitralign, a Tewksbury-based company focusing on a catheter-based repair system that provides an alternative to open heart surgery, will use the financing to complete its initial clinical studies and obtain European marketing approval for its product, company officials said.

The funding, co-led by Medtronic and Johnson & Johnson Development Corp., also includes Oakwood Medical, Palisades Capital and Accelerated Technology Partners. Existing investors Forbion, Giza, Oxford Biosciences and Triathlon Medical Venture Partners also participated in the round, officials said.

Mitralign has enrolled more than 20 patients in a catheter study in Paraguay. The company will proceed with the addition of clinical sites for the pilot study in Europe, officials said.

As of last year, Mitralign had raised $18 million, including a $13 million Series B round. It also last year named John MacMahon as CEO. MacMahon was the founder of California-based Kerberos Proximal Solutions, which designs devices for interventional cardiologists.

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