Imricor raises $35M to pursue growth and expansion into Australia and NZ

Imricor Medical Systems Ltd (ASX:IMR) has banked $35 million through a two-tranche placement to further its expansion into Australia and New Zealand, commercialisation of products and a series of clinical trials, including one for the US Food and Drug Administration (FDA).

The company – which focuses on developing magnetic resonance imaging (MRI)-compatible medical devices, used to carry out real-time interventional Cardiac Magnetic Resonance Imaging (iCMR) cardiac ablation procedure- said the placement had been supported by new and existing securityholders.

The capital raising brought in approximately A$25.7 million via the issue of 49,514,682 New Securities in the first tranche; and around A$9.3 million via the issue of 17,793,243 New Securities in the second.

The company plans to put the cash towards a growth strategy with three focal points: the achievement of its FDA clinical trial, expanding treatment of complex cardiac arrhythmias like ventricular tachycardia (or VT) through a trial and commercialisation of its VISABL-VT product, and expansion into the antipodes.

Chair and CEO Steve Wedan said the successful capital raising came at the end of a year of achievements for the company, which focuses on developing magnetic resonance imaging (MRI)-compatible medical devices, used to carry out real-time interventional Cardiac Magnetic Resonance Imaging (iCMR) cardiac ablation procedures. 

“The work that took place at Imricor in 2023 allowed us to start 2024 with great momentum, and we have entered the current quarter on the cusp of several major milestones for the company,” he said.

“With the support of our existing and new investors, we can now realise these catalysts with a strong balance sheet.”

At 12:42 AEDT, Imricor was trading at 62 cents, a rise of 5.08% since the market opened.