LA JOLLA, Calif. and STOCKHOLM, May 11, 2016 /PRNewswire/ -- IRRAS AB, a commercial-stage medical technology company developing breakthrough devices for a broad range of brain pathology therapeutic applications and procedures, today announced the completion of a pivotal round of financing that will support IRRAS' EU commercial growth strategy and receive regulatory approval in the US to become a global leader in CNS fluid management in the medical device space. The raise totaled SEK $91.25M or $11.25M with participation from Serendipity/Ixora, and The Vandel Group, as well as recognized high net-worth healthcare investors in Sweden.
IRRAS has successfully started the commercialization of IRRAflow™ and has performed more than 60 different cases globally. Proceeds from the recent financing will be used to establish operations in the United States (US), broaden commercialization of IRRAflow™ in Germany and additional key EU markets with the goal to become profitable by 2018. IRRAS also plans to aggressively pursue expansion opportunities for IRRAflow™ in abdominal, thoracic, and orthopedic applications, including targeted drug delivery.
"The number one cause of disability in the world is complications associated with strokes. IRRAS is focused on the treatment of hemorrhagic strokes that constitute about fifteen percent of all strokes but account for over forty percent of stroke associated deaths," said Kleanthis G. Xanthopoulos, Ph.D., Executive Chairman and acting CEO of IRRAS. "This is a global health problem that results in immense financial stress to the healthcare system. Our proprietary, commercial product, IRRAflow™, can help address these serious brain pathologies and provide patients with improved solutions with less invasiveness, more efficacy, and continuous ICP monitoring that will hopefully translate into saved lives. To help us do this, the recently completed over-subscribed financing round will enable IRRAS to expand its commercial operations and opportunities with IRRAflow™ and transform the management of CNS fluid."
IRRAS has developed and commercialized a revolutionary catheter device stemming from its core IRRAflow™ technology that addresses the complications associated with the occurrence of hemorrhagic stroke. According to the WHO, there are 15 million stroke patients annually and complications from these strokes result in more than 6 million annual deaths, almost 1 every 10 seconds. Currently available devices do not address the complications that lead to death because they cannot address occlusion (or blockage) in the catheter during treatment and they do not accurately monitor intracranial pressure (ICP). IRRAS' clinical strategy is to provide a significantly improved solution for stroke and hematoma patients with less invasiveness and more efficacy, through the integration of aspiration, targeted infusion and intracranial pressure monitoring in a single robust device.
IRRAS AB is a commercial-stage medical technology company formed to develop and commercialize breakthrough devices for a broad range of brain pathology therapeutic applications and procedures. IRRAflow™ is the company's flagship commercial medical device that provides intelligent, dynamic control of CNS fluids to address the complications associated with the occurrence of hemorrhagic stroke. With its unique product portfolio, protected by key intellectual property patents and patent applications, IRRAS is well-positioned to improve patient outcomes and establish a leadership position in the medical device market. IRRAS is operational in Germany and La Jolla, USA with corporate headquarters in Stockholm, Sweden. For more information, please visit www.irras.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/irras-ab-closes-financing-round-to-establish-irraflow-as-leading-cns-fluid-management-device-300266658.html
SOURCE IRRAS AB