Infraredx Inc said it was able to score an equity investment amounting to USD 25 million from Nipro Corp. Infraredx is a medical device manufacturer that seeks to enhance the diagnosis and management of coronary artery disease. Infraredx said that the new capital infusion was in addition to the exclusive agreement between the two companies for the distribution of Infraredx TVC Imaging System in Japan. Currently, Japan is the biggest intravascular imaging market in the globe.
The TVC Imaging System enables cardiologists to better assess a blood vessel's structure and composition by combining near infrared spectroscopy lipid core plaque detection with enhanced intravascular ultrasound imaging technology. The proceeds raised from the funding would be used to expand the operations of Infraredx. It would also be utilized to market the TVC Imaging System in Japan once it gets regulatory approval from the country's authorities.
Infraredx President and Chief Executive Officer Donald Southard said, "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." As part of the transaction, a member of the management team of Nipro would join the Board of Directors of Infraredx.
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