Infraredx said Nipro Corp. (TYO:8086) put down a $25 million equity investment in the Burlington, Mass.-based medical device company and its TVC intravascular imaging system.
The deal builds on an existing distribution contract in Japan between Infraredx and Nipro, according to a press release, and will a Nipro representative join the Infraredx board.
"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," Infraredx president & CEO Donald Southard said in prepared remarks. "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."
Infraredx said it plans to use the cash to expand the Japanese commercialization of the TVC system, which combines intravascular ultrasound and near-infrared spectroscopy to provide images of the interior of coronary blood vessels. Infraredx is hoping for approval from Japanese regulators next year, according to the release.
"Infraredx’s novel TVC Imaging System will provide Japanese cardiologists with critical imaging information, enabling physicians the ability to deliver the most informed interventional therapies to their patients," Nipro president & CEO Yoshihiko Sano said in a statement. "Our strategic investment in Infraredx builds upon our productive relationship with the company and demonstrates our confidence that its technology will play an important role in our long-term strategy to grow our vascular business unit annual sales turnover to more than 30 billion yen by the year 2020."
