MiRus Completes $65M Oversubscribed Funding Round

MiRus, LLC, a life sciences company based in Marietta, Georgia, has completed a $65 million oversubscribed funding round.

Founded in 2016, MiRus develops technology for the treatment of spine, orthopedic, and structural heart disease. The company has developed medical implants from rhenium-based alloys.

OTW spoke with MiRus Chief Commercial Officer Mahesh Krishnan about what sets MiRus apart from its competitors. Krishnan told OTW, “What makes MiRus so unique is our proprietary rhenium-based biomaterial, MoRe^® made of molybdenum-rhenium. With over 15 years of research and development, MoRe^® is dramatically superior to current medical alloys such as titanium and cobalt chromium.”

Krishnan continued, “MoRe^® is far stronger, more fatigue resistant, more biofriendly and generates far lower levels of metal ions in tissue. MiRus has launched a line of transformational MoRe^® implants which are much smaller, more durable and biologically superior.”

Krishnan also discussed how the funds will be used. Krishnan informed OTW, “The funds will be used to support further R&D [research and development] of our highly differentiated products and procedural solutions using the MoRe^® superalloy and our expansion into other important areas including structural heart disease.”

Krishnan continued, “Furthermore, it will allow us to continue commercialization activities throughout the U.S. and expand OUS [outside the U.S.] to meet the growing demands of orthopaedics market and service the needs of our surgeons. We are specifically excited about the impending launch of our expandable interbodies this quarter once FDA [U.S. Food and Drug Administration] 510(k) clearance [is] obtained, that will be the industry-leading product in that growing segment.”

The funding round was led by Mammoth Scientific, a venture capital firm based in Fort Wayne, Indiana, and, per the press release, “multi-generational family offices who have supported MiRus from its inception.”

Mammoth Scientific invests in life science and biotechnology companies. Its CEO, Tommy Martin, is an alumnus of Harvard Business School and Indiana University. Prior to founding Mammoth Scientific, Martin led a national wealth management firm.

In the press release, Martin expressed excitement about MiRus. Martin commented, “We are excited to partner with the blue chip team at MiRus and see the application of its disruptive technology platform across medical implants.”

Martin continued, “MiRus has already revolutionized spine surgery and has a remarkable pipeline for groundbreaking products in complex extremity surgery and TAVR (transcatheter aortic valve replacement).”