Some may find that this investment from AIM is a rather risky endeavor. Mardil is in the process of going through the most capital intensive route to regulatory approval from the Food and Drug Administration. Not only that but the company’s technology incorporates the assets acquired from a failed medical technology startup that raised and spent over $100 million dollars in venture capital before throwing in the towel.
That isn’t stopping Mardil and it’s CEO Jim Buck from developing a technology that treats a heart condition called functional mitral valve regurgitation. This condition occurs when blood leaks from the heart’s left ventricle, through the mitral valve and into the left atrium, when the left ventricle contracts. It’s the most common form of valvular heart disease, a leading cause of death in pregnancy.
The Minneapolis St. Paul Business Journal reports that, like most medical technology companies, Mardil is going to begin with overseas clinical trials. Buck decided because of this, it was only natural to seek funding overseas as well. Mardil will begin testing in Kuala Lumpur. After initial testing they will have to bring their research back to America to hopefully land FDA approval.
In addition to the $6.125 million dollar round, they plan on closing another $5 million dollar round later this year.