US-based cardiovascular imaging company Infraredx plans to raise up to $55m from a forthcoming initial public offering on Nasdaq.
Infraredx is developing an optical catheter to help diagnose coronary artery disease. It will invest the proceeds in enhancing its sales and marketing, advancing clinical trials for its product candidates and paying off interest accrued on 6% convertible promissory notes.
The company’s shareholders include medical equipment manufacturer Nipro, shipping company Intrepid Maritime, investment firm Sanderling Ventures, private equity firm Eastwood Capital and investment entity Seahawk Investment Trust.
Founded in 1999, Infraredx has since raised approximately $152m in debt and equity according to its regulatory filings, including $25m from Nipro in August 2013.
RBC Capital Markets, Canaccord Genuity and BMO Capital Markets are acting as joint bookrunners for the offering.