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Medical 21, Inc. is a developmental-stage medical technology company founded in 2016, focused on revolutionizing coronary artery bypass grafting (CABG) surgery with its flagship investigational product, the MAVERICS small-diameter synthetic regenerative graft. MAVERICS is designed as an alternative to harvested autologous vessels, potentially simplifying CABG procedures and reducing patient morbidity from additional surgical incisions; it has not been approved by the FDA or any foreign regulatory authority, with safety and efficacy unestablished. The company conducts development and manufacturing in a leased Minnesota facility and holds a portfolio of patents covering scaffold design, materials, and manufacturing. It has received regulatory approval in Spain for an early feasibility study (EFS) trial enrolling approximately ten patients, with human studies anticipated in Q1 or Q2 2026, and plans a U.S. IDE submission in Q2 2027 after completing a GLP ovine study and other tests. Financially, Medical 21 reported net losses of $10.2 million for 2025 and $11.4 million for 2024, with an accumulated deficit of $60.6 million as of December 31, 2025, cash of $1.8 million, and substantial doubt about going concern status. It is pursuing an IPO of 2,272,727 shares at an assumed $11.00 midpoint (total ~$25 million gross), with net proceeds of ~$22.8 million earmarked for first-in-human clinical trials (~$3.1M), animal studies (~$3.4M), regulatory activities (~$0.6M), product development (~$1.2M), and working capital. The company is going public to fund clinical advancement toward commercialization in the CABG market (~400,000 U.S. cases annually), leveraging founders' track record in successful medtech exits.
Offering Amount
$155.6M
Shares Offered
14,145,047
Price Range
$11.00 – $11.00
Shares Offered
2,272,727
Offering Amount
$25,000,000 (assumed at $11.00/share)
Price Range
$11.00 (midpoint)
Share Type
Common Stock
Ticker
MAVG
Use of Proceeds: Complete first-in-human clinical trial and begin expanded feasibility study ($3.1M), continue animal studies ($3.4M), regulatory activities ($0.6M), product development ($1.2M), working capital and general corporate purposes.
Medical 21 is a developmental-stage medical technology company dedicated to revolutionizing coronary artery bypass grafting (CABG) surgery with its flagship investigational product, the MAVERICS small-diameter synthetic regenerative graft designed as an alternative conduit to harvested autologous vessels.