• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » IRRAS buys InnerSpace Neuro Solutions assets, posts Q1 earnings

IRRAS buys InnerSpace Neuro Solutions assets, posts Q1 earnings

May 7, 2019 By Fink Densford

IRRAS

IRRAS said today that it acquired the assets of InnerSpace Neuro Solutions in a deal worth $700,000, and released its first quarter earnings release.

The Stockholm-based company said that assets purchased include proprietary single and multi-lumen cranial access bolts, parenchymal intracranial pressure monitoring tech and a cranial access kit. The devices already have FDA 510(k) clearance, the company added.

IRRAS said that the devices will complement its own IRRA Flow product line, and will “substantially expand the company’s available product portfolio.” The company added that it plans to launch sales of the devices during the third quarter of this year.

“This is a unique opportunity for IRRAS to strengthen its position and become a leader in the neurocritical care market. These innovative and proprietary products are a perfect fit to our product portfolio. In addition, we will use established InnerSpace sales channels to introduce Irra Flow to new customers,” prez & CEO Kleanthis Xanthopoulos said in a press release.

IRRAS reported an operating loss of approximately $4.1 million (SEK 39.1 million), with losses per share of approximately 17¢ per share (SEK 1.61) for the three months ended March 31.

The company touted that during the first quarter, it treated its first patients in the US with its Irra Flow product, and that it has launched a plan evaluating a possible listing of its stocks on Nasdaq Stockholm’s main market in 2019.

“The launch in the US continues according to plan. The first patients were successfully treated in January, and the initial treated patients have been followed with great interest by a number of US hospitals. At the moment, we have support from physicians at more than 35 US hospitals, and our commercial team is taking the needed steps for these facilities to evaluate Irra Flow. In April, AANS (American Association of Neurological Surgeons) held its yearly scientific meeting in San Diego. IRRAS participated and generated significant interest. Our direct sales team is now following up with these leads across the US. In connection with AANS, we had also our first US KOL meeting, which was very well received by the participants. We believe that the sales process in the US for a new technology takes up to 6 months after initial contact with a new customer before revenue is generated. Our US launch commenced during Q4 2018, and our launch remains on track with the first purchase orders shipped to customers in early April,” Xanthopoulos said in a press release. “The first US sales were reported first week of April. Thus, due to the delay in the recertification of the CE mark in the EU and pending sales in the US, no sales were reported during the first quarter of 2019. EBIT for the first quarter of the year was SEK -39.1 million (-21.1). The increased costs are primarily attributable to the planned organizational expansion within sales and marketing, production, R&D and administration. The average number of employees in the first quarter of 2019 was 32, compared with 17 in the year-earlier period. Our available liquidity as of March 31, 2019 amounted to SEK 116 million, including short- and long-term financial investments.”

Shares in IRRAS rose approximately 3.5% today, closing at $23.70 at 5:00 p.m. CEST.

In January, IRRAS said that a healthcare team in Southern California is the first to use the company’s Irra Flow device on a U.S. patient with intracranial bleeding.

Filed Under: Business/Financial News, Mergers & Acquisitions, Wall Street Beat Tagged With: IRRAS

More recent news

  • Pixee Medical reports first knee arthroplasty cases using its augmented reality nav tech
  • Alpheus Medical raises $52M for ultrasound-activated tumor therapy
  • Elucent Medical wins FDA breakthrough nod for in-body spatial intelligence system
  • EndoQuest Robotics completes first cases in pivotal surgical robot trial
  • Study links Abbott CGM use to lower risk of hospitalizations due to heart complications

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy