InfraReDx raises $24.1M from equity offering

Burlington, MA-based InfraReDx Tuesday reported it had raised $24.1 million from the sale of equity to existing InfraReDx shareholders. The company will use the proceeds to expand manufacturing operations and commercial infrastructure to support demand for the LipiScan IVUS coronary imaging system.

LipiScan IVUS includes the world's first and only cardiac catheter to combine intravascular ultrasound and near-infrared spectroscopy to help cardiologists identify and characterize the plaques known to complicate stenting and suspected to cause most heart attacks. The funds also will be used to support ongoing and new clinical trials investigating expanded clinical applications of the system, the company says in a statement. 

InfraReDx launched the LipiScan IVUS system in September 2010 after receiving FDA clearance. The only FDA-cleared device for the detection of lipid core coronary plaques,  the system is now used in a number of cardiac centers across the U.S. In a single catheter pullback, the LipiScan IVUS provides physicians with a traditional IVUS image that clearly displays key structural parameters of the lesion, including its location, length and degree of stenosis, in addition to confirming proper stent placement. At the same time, it performs spectroscopic analysis of optical data to produce a Chemogram map that indicates the location of lipid core plaques and quantifies their lipid core burden.

FierceMedicalDevices spoke with company CEO Don Southard, Grant Frazier, VP of marketi​ng, and Jeffrey Mazur, VP of finance this week. They told FMD that the company is the only one to offer this type of technology, and it has a number of patents, as well as 27 patents pending.

InfraReDx recently obtain CE mark approval for the product, and it is looking to register the device in other countries, such as Japan. The company has been around since 1998, when it was co-founded by James Muller. His vision, as Southard noted, was the prevention of heart attacks, and now InfraReDx is well on its way to help clinicians help patients.

The company intends to roll out its current sales force for the product and hopes to add additional funding at the end of 2012, Frazier said.

- see the InfraReDx release