Medtech company Medical 21 has secured up to $20 million from an unnamed investor to accelerate work on the company's cardiac bypass technology.
Medical 21 received $2.5 million at the close of the investment, and the investor has the option to invest another $2.5 million every 10 months. The capital will be used to develop Medical 21's artificial graft technology for an upcoming FDA early feasibility study, according to the Sept. 20 Medical 21 news release.
Medical 21 will continue crowdfunding through its $40 million regulation A+ equity offering. Medical Funding Professionals and Life Science Intelligence are providing strategic guidance to Medical 21 throughout the company's fundraising.