Midwest Interventional Systems (MIS) recently announced the completion of a Series A financing with a group of private healthcare investors.
Oversubscribed from original expectations, the Series A round will enable MIS to accelerate the vertical integration of capabilities and continue its growth trajectory and support expansion initiatives that better serve its customers, according to the Maple Grove, Minn.-based company.
MIS offers custom turnkey solutions for design, development and manufacturing of complex catheters and other minimally invasive delivery systems. The company did not disclose the amount of money raised.
“This investment allows us to expand our clean rooms, continue development of specialized capabilities, and add key team members to support our growing base of MedTech customers”, said MIS president & CEO Adam Ahmad in a news release. “These enhancements help us strengthen our partnerships with customers serving the structural heart, neurovascular, electrophysiology, ENT, coronary and peripheral intervention end markets”.
MIS recently expanded its 25,000 ft ² facility, including class 7 clean rooms, research and development facilities, testing labs, corporate offices, and flex space. The added capacity will allow MIS to decrease lead times and offer a new source of medical extrusions and balloons.
“Our new investors provide access to long-term capital that will enable MIS to execute on our strategic goals,” Ahmad added. “To that end, we expect to add an estimated 20 high-tech jobs in 2021, and an additional 60 by 2024.”