Last month I interviewed the CEO of Minnesota medical device start-up Mardil Medical who did not quit when he couldn’t raise capital in the U.S.
Jim Buck thought well, if U.S. companies can run clinical trials there, why not go there and try to raise some moolah.
Looks like his effort did not go to waste.
Mardil Medical, which bills itself as the maker of the first implantable mitral valve repair therapy, announced Wednesday that the Malaysian government is pumping $6.125 million into the start-up. The funding comes from Agensi Inovasi Malaysia – the country’s national innovation agency.
Buck believes there is a lesson to be learned from his experience, especially in the context of America’s historical leadership in medical technology innovation.
“The irony is that strategic financing from Asia and elsewhere may be what it takes to secure American leadership for many pre-revenue stage life science companies,” he said in a statement.
So how did Mardil go about securing the investment. It leveraged the network of a Minnesota industry association – LifeScience Alley – which got Buck introduced to Tractus Asia Ltd., a business advisory firm.
“Mardil’s success in securing funding abroad gives credence to the value of international collaboration and identifying partners like Tractus,” said Dale Wahlstrom, CEO of LifeScience Alley, in a statement. “But most importantly, Mardil’s example provides a precedent for other innovative life science firms to follow for securing funding for products that help improve people’s lives.”
[Photo Credit: Malaysian flag from BigStock Photo]