|
 THE RESULT: Caymus Partners was the exclusive placement agent of $7.3 million in Series B convertible preferred stock for MitralSolutions, Inc. (“MitralSolutions” or the “Company”), an early stage medical device company. The private placement allowed MitralSolutions to accelerate development of its mitral valve repair products. Over 50 institutional equity investors were initially contacted in the Company’s Series B round, ultimately yielding two investors, which included a leading biomedical venture capital firm and a large U.S. based hedge fund. Caymus Partners was a founding investor in the Company’s Series A round. In addition, Caymus Partners helped put in place an initial operational infrastructure, including the hiring of the Company’s CEO.
"The capital raised by Caymus Partners was integral to the acceleration of MitralSolutions' technology. Caymus Partners demonstrated incredible client service, attention to detail, perseverance and a strong work ethic, which were reasons why we completed this transaction. The professionals at Caymus Partners exceeded my expectations."
James L. Greene, President & CEO
MitralSolutions, Inc.
|
Company Description
MitralSolutions is an early stage developer of cardiovascular medical devices that repair the heart’s mitral valve using a proprietary, adjustable ring. An alternative to mitral valve replacement, mitral valve repair is estimated to be a $74 million market. Based on the Company’s unique technology, MitralSolutions believes it can expand the market to $15 billion. The Company is focused on surgical and percutaneous mitral valve repair products.
Client Objective
MitralSolutions had acquired the rights to its mitral valve patent portfolio and related technology from several inventors, which was funded in part through the Company’s Series A financing. The Company sought Series B financing to accelerate product development and testing and to build an internal company infrastructure that would support a projected product launch within 18 months of funding.
Challenges Overcome
Caymus Partners overcame a number of key challenges in making this transaction successful:
- Positioning the Company. Caymus Partners created pro forma financial projections, an information memorandum and a management presentation that generated broad interest from the marketplace;
- Exploiting the Market Opportunity. Caymus Partners differentiated the Company and its products from the myriad of other mitral valve product companies in order to develop a product differentiation strategy and generate investor interest;
- Choosing the Right Investors. Caymus Partners identified a pool of early stage investors, which focus on investments in cardiovascular medical device companies, as well as other unique, non-traditional investors; and
- Funding an Early-Stage Opportunity. Caymus Partners was able to generate significant interest despite the appetite of most institutional investors to invest greater amounts in later-stage opportunities.
| 
