Company Overview
Based in Roskilde, Denmark, Millimed A/S was founded in May 2004 to develop innovative treatment solutions for vascular disease. Presently Millimed employs 31 people, half with advanced scientific and/or business degrees. The company has developed and is currently testing next generation alternatives for vascular site specific drug/agent delivery. The company has raised $31.5 million from a strong international investor syndicate. The company will soon be seeking to raise additional funding through the sale of a Series B Convertible Preferred Stock, which is believed to fund operations through the end of 2007.
In recent months, the company has dramatically refocused their corporate strategy. The latest decision to spin off non-technology driving business was part of an ongoing effort to concentrate on core technology assets and competencies. Millimed is now uniquely positioned to capitalize on an exceptional understanding of the pure form of Nitric Oxide and its relationship to various anatomical and biological systems.
Millimed’s core technology platform enables less-invasive, rapid and efficient administration of Nitric Oxide to the specific affected anatomical area. Accentuating site specific molecules, drugs, and agents and applying them directly onto existing minimally invasive medical devices is the essence of Millimed. Among other things, a proprietary nano-fiber carrier matrix increases the drug elution surface area enormously, enabling an efficient and controlled delivery.
Emphasizing science generated from Akron University, Ohio, Millimed is developing proprietary technologies to leverage polymers and smaller molecular carrier entities. The company has established a program to manage the fragile tissue of the vascular system and to better understand complex biological interactions. It is believed that Millimed’s Nitric Oxide programs will provide patients with a significant therapeutic advantage to complications surrounding vascular disease. The adaptability of existing device platforms combined with Millimed’s proprietary technologies supported by growing efficacy evidence could substantially reduce clinical development and product to market timelines. Future projects will be introduced as verification studies mandate. In parallel, Millimed will capitalize on growing expertise and understanding surrounding the use of electro-spun nano-fibers and matrices generated by polymeric, non-polymeric or organic material. Millimed’s electro-spinning programs are planned to be used to support the regeneration of vessels in diseased or abnormal vasculature. The combination of proprietary materials with active agents and/or medicinal substances is geared to improve the healing and recovery process. In addition, the side-effects associated with the disease state and/or procedural complications are hypothesized to be reduced considerably.
Millimed’s Nitric Oxide project formulation output is being defined and verified by an unmatched and experienced clinical advisory board. With their help, the company will continue to focus on tangible formulation milestones applicable with specific medical devices. Although their technology can be applied to countless interventional devices within the neuro, peripheral and coronary vascular fields; based on pre-clinical verification studies, Millimed’s initial emphasis will be centered on two products for transient catheter utilization. Pre-clinical trials are planned throughout the year with clinical trials commencing being submitted for approval prior to the close of 2006. The company maintains the ability to partner clinical and marketing activities with corporations dedicated to advanced treatment in vascular disease. |