Indago announced today that it completed a $10 million financing round and changed its name to Lazurite Holdings.
Cleveland-based Lazurite said in a news release that the $10 million raised in a convertible note round of financing will be used to complete the pre-submission testing of the ArthoFree wireless camera system before submitting the device for FDA clearance.
The company plans to submit its 510(k) premarket notification in late 2021 and expects FDA approval and the subsequent product launch to come in the first half of 2022. Additional uses of the funds include the development of a pipeline of additional products and the expansion of the company’s intellectual property portfolio.
“We are excited to have closed the financing round and look forward to using the funds to help move ArthroFree through the FDA and continuing the development of our suite of follow-on products,” Lazurite CEO & founder Eugene Malinskiy said in the release. “With the close of the financing round, we also are excited to announce the company’s new name and to welcome Michael Salerno to our board. Michael’s depth of knowledge and experience in capital raising in the health care company space will be invaluable to us as we continue to grow Lazurite and expand our product base.”
Lazurite’s novel, patented Meridiem light engine technology constitutes the basis for the ArthoFree wireless arthroscopic camera, as well as a number of other products in the pipeline. “Lazurite” references the color of the light emitted from the laser diode in the technology, hence the name change.
“We are very pleased to have completed another successful capital raise and to welcome Michael Salerno to our board,” chair of Lazurite’s board Dr. Mark Froimson said. “His experience leading a venture cap fund focused on healthcare-oriented companies will be particularly valuable. We are looking forward to showcasing our products and the upcoming FDA submission.”