Micell Technologies announced it has obtained $15 million in new financing, the second major infusion of cash in the Raleigh-based medical devices company in two months.
Micell, which is in the early stages of developing a new type of drug-coated stent for treating heart disease, said St. Jude Medical made the latest investment. St. Jude is a publicly traded medical devices company based in St. Paul, Minn., that posted $4.6 billion in sales last year.
"We are excited to have a company of St. Jude Medical's stature make an investment in Micell," CEO Arthur Benvenuto said in a prepared statement. "We look forward to collaborating with them to expand the use of our coating technology into potentially new applications for medical device products."