Synthetic regenerative graft developer Medical 21 files for a $25 million IPO
IPO Overview
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 Villafa?a （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.
About the Company
Medical 21 is a developmental-stage medical technology company dedicated to revolutionizing coronary artery bypass grafting （“CABG”） surgery. Our flagship product, the MAVERICS small-diameter synthetic regenerative graft, is an investigational device designed to serve as an alternative conduit to harvested autologous vessels. By potentially reducing or avoiding the need for traditional vessel harvesting, MAVERICS is intended to simplify the CABG procedure and decrease patient morbidity associated with additional surgical incisions. MAVERICS has not been approved by the U.S. Food and Drug Administration （“FDA”） or any foreign regulatory authority, and its safety and efficacy have not been established. While CABG remains essential for treating coronary artery disease （“CAD”）， we believe there is a pressing need for safer, more reliable vascular conduits that address the limitations of autologous vessels, which may include variable quality, limited availability, and morbidity related to harvesting. The MAVERICS graft is engineered to integrate with a patient’s own cells, supporting natural healing while avoiding foreign body rejection. Because the device incorporates synthetic polymers and nitinol support, regulatory review and clinical evaluation will be required to determine whether the graft can safely and effectively integrate into patient care.