Infraredx gets $25m investment from Japanese company

Photo taken from company website.
Photo taken from company website.Credit:

Infraredx Inc., a Burlington medical device company focused on coronary artery disease, said that it has received a $25 million equity investment from Japan’s Nipro Corp.

In a press release, Infraredx said the investment builds on Infraredx’s exclusive agreement with Nipro for distribution of its TVC Imaging System in Japan.

According to Infraredx, its TVC Imaging System helps interventional cardiologists identify which patients are prone to complications during stenting procedures.

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“Nipro’s investment in Infraredx underscores the significant potential of our TVC Imaging System to change the standard of care for patients with coronary artery disease,” company president and chief executive Donald Southard said in a statement. “We are pleased to welcome Nipro as an investor and to our board of directors. For the past year, we have been working closely with Nipro to secure regulatory approval and ultimately launch the TVC Imaging System in Japan. Concurrent with Nipro’s investment, Infraredx has increased its term funding arrangement with GE Capital. With the equity investment by Nipro and the increased term funding, the company is well capitalized to achieve our objective of introducing our technology in every major imaging market around the world.”

According to the press release, Japan is the world’s largest intravascular imaging market.

In conjunction with the investment, a member of Nipro’s management team will join Infraredx’s board of directors.

Proceeds from this investment will be used to support Infraredx’s expansion, operations and the commercialization of the TVC Imaging System in Japan, the company said. As part of the investment, a member of Nipro’s management team will join Infraredx’s board of directors.