MiRus
- Industry
- Medical Devices
- Founded Year
- 2015
- Headquarters
- Marietta, Georgia, USA
- Employee Count
- 90
Key People
- Jay Yadav, MD - Founder and CEO
- Noah Roth - Chief Operating Officer
- David Toney - Chief Financial Officer
- Mahesh Krishnan - Chief Commercial Officer
- Jordan Bauman - VP Quality and Regulatory Affairs
- Pam Cowart, APRN, MSN - VP Clinical Affairs and Compliance
- Wayne Gray - VP Engineering - Orthopedics
- Dennis Moreno - VP Manufacturing and Operations
Assessment
- Team
-
Aspect: Multiple successful MedTech entrepreneurs
Summary: The leadership team comprises experienced professionals with a history of successful ventures in the medical device industry.
Dr. Jay Yadav, the founder and CEO, has a notable track record in the medical device sector, including founding companies like CardioMEMS and Angioguard, which were acquired by major corporations. Other key executives bring substantial experience in operations, finance, and engineering, contributing to a robust leadership team.
- Clinical Need
-
Aspect: Very Strong
Summary: MiRus addresses significant unmet needs in spinal and orthopedic treatments with innovative solutions.
By utilizing proprietary Rhenium-based alloys (MoRe), MiRus offers enhanced implant designs and surgical navigation systems that aim to improve patient outcomes in spinal and orthopedic procedures, addressing a substantial clinical need.
- Competition
-
Aspect: Somewhat crowded
Summary: The spinal and orthopedic device market is competitive, but MiRus's unique technology offers differentiation.
The medical device industry, particularly in spinal and orthopedic segments, features numerous established players. However, MiRus's development of MoRe alloys offers a unique value proposition that can distinguish it from competitors.
- Technical Challenge
-
Aspect: Moderate
Summary: Developing and commercializing new medical implants involves moderate technical challenges.
Introducing new materials like MoRe alloys into medical implants requires rigorous testing, regulatory approvals, and manufacturing scalability, presenting moderate technical challenges.
- Patent
-
Aspect: Very Strong
Summary: MiRus holds extensive global patent coverage for its Rhenium-based medical implants.
With over 262 patents, including 154 granted and 39 pending, MiRus's intellectual property portfolio offers robust protection for its innovative technologies, enhancing its market position.
- Financing
-
Aspect: Well-funded
Summary: MiRus has secured substantial funding to support its growth and development initiatives.
In July 2021, MiRus completed a $65 million funding round led by Mammoth Scientific, enabling the company to expand its product portfolios and develop solutions for structural heart disease.
- Regulatory
-
Aspect: 510k/PMA
Summary: MiRus has achieved FDA clearance for its MoRe-based spine implant and is pursuing further approvals.
The FDA clearance of the first MoRe-based spine implant in 2019 marked a significant milestone. MiRus continues to navigate the regulatory landscape to bring additional products to market.
Opportunity Rollup
- Odds of Success
- 3.7
- Peak Market Share
- 4.75
- Segment CAGR
- 3.0%
- Market Segment
- Orthopedic Devices
- Market Sub Segment
- Spinal Implants
| Year Post Launch | Market Penetration (%) |
|---|---|
| 1 | 0.24 |
| 2 | 0.71 |
| 3 | 1.66 |
| 4 | 3.32 |
| 5 | 4.75 |
Key Takeaway
MiRus's innovative use of Rhenium-based alloys positions it well in the competitive spinal implant market, supported by a strong team and substantial funding.