Medical 21, which is developing a synthetic regenerative graft for coronary bypass surgery, filed on Thursday with the SEC to raise up to $25 million in an initial public offering.
The Minneapolis, MN-based company plans to raise $25 million by offering 2.3 million shares at a price range of $10 to $12.
Medical 21 is a development-stage medical technology company focused on improving coronary artery bypass grafting (CABG) procedures. Its lead product, the investigational MAVERICS small-diameter synthetic regenerative graft, is designed as a potential alternative to harvesting a patient’s own blood vessels for bypass surgery. The device aims to reduce the need for additional surgical incisions and address limitations associated with autologous vessels, such as inconsistent quality and limited availability. MAVERICS incorporates synthetic polymers and nitinol support and is engineered to integrate with a patient’s tissue, though it has not yet received regulatory approval and remains in clinical development. Medical 21 anticipates to begin human studies in Spain in the 1Q26, with a US IDE submission targeted for the 2Q27.
Primary shareholders include CEO and Chairman Manny Villafaña (33% post-IPO stake) and private investor Michael Urick (4%).
The Minneapolis, MN-based company was founded in 2016 and plans to list under the symbol MAVG but has not selected an exchange yet. ThinkEquity is the sole bookrunner on the deal.
