• Imricor receives firm commitments to raise $70 million via strongly supported placement
• Placement completed at an offer price of $1.41, which is a nil discount to last traded price on March 14
• Following the raise, Imricor will be well positioned for growth in what it calls a ‘year of meaningful catalysts’

Special Report: Imricor Medical Systems has received firm commitments to raise $70 million via a strongly supported placement to new and existing institutional and sophisticated investors in order to accelerate growth.   

Imricor Medical Systems (ASX:IMR) has announced it has secured firm commitments to raise $70 million through the issue of ~49.6 million CDIs at an issue price of $1.41per CDI in what is set to be a milestone year for the company.

In a strong sign of support for Imricor – which has developed the world’s only MRI-compatible devices for cardiac ablations – the placement was completed at $1.41, a nil discount to the company’s last traded price on March 14.

The placement price also represents a 0.6% premium to the company’s five-day VWAP of  $1.40 up to March 14.

The new CDIs will be issued in one tranche with the placement expected to settle on or around March 27.

Morgans acted as lead manager to the placement.

The only MRI-compatible devices for cardiac ablations

Imricor is working to improve cardiac ablations, a procedure that targets and destroys heart cells causing arrhythmias (irregular heartbeats).

Current ablations use X-ray fluoroscopy, which visualises hard structures such as ribs but struggles with soft tissue like the heart, leading to long-term lower success rates –  often below 50% – and requiring repeat procedures.

Imricor’s MRI-compatible devices for cardiac ablations offer clearer imaging and better outcomes, while also reducing exposure of patients and staff to radiation.

The company is currently undertaking its Vision-MR Ablation of Atrial Flutter (VISABL-AFL) pivotal clinical trial supporting US FDA approval of its products, which it hopes to achieve in 2025.

In Europe, where the company has already received regulatory approval for atrial flutter, it’s about to kick off a pivotal VISABL-VT clinical trial for its second indication, ventricular tachycardia (VT).

Earlier this month Imricor announced another key milestone towards US regulatory approval for its devices with submission of a second premarket approval module for US Food and Drug Administration (FDA) review.

Well funded for ‘year of meaningful catalysts’

Imricor said following the raise it will be well positioned for continued growth and operational success in 2025 and beyond.

The company expects to have cash reserves of ~$87.3m after costs following completion of the placement.

Funds raised from the placement, together with existing cash, will be used to support the company’s growth strategy including:

• Growing the installed base and expanding indications in Europe
• Expanding commercial operations into key markets such as the US and Middle East
• Funding ongoing R&D and regulatory efforts

Chairman and CEO Steve Wedan said 2025 was a “year full of meaningful catalysts and groundbreaking milestones” for Imricor.

“With this raise, we have a balance sheet that is bolstered to not only achieve these milestones but to also drive well past them,” he said.

“We are in a great position to deliver on the promise of real-time MRI guidance for medical interventions, and we are more energised than ever to make it happen.”

This article was developed in collaboration with Imricor Medical Systems, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.