Japan medical device company, Nipro Corporation, has made a $25m equity investment in Infraredx, a US-based privately funded medical device company that has developed and commercialised the only multimodality imaging system to combine both intravascular ultrasound (IVUS) and near infrared spectroscopy (NIRS). Its device enables cardiologists to predict peri-procedural heart attacks by assessing not only the degree of stenosis, but also the presence and extent of lipid-core plaques (LCP).
As part of the deal, Infraredx will have an exclusive agreement with Nipro for distribution of its TVC Imaging System in Japan, the world’s largest intravascular imaging market. A member of Nipro’s management team will also join Infraredx’s board of directors. Donald Southard, president and chief executive officer of Infraredx, said that the company has 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 capitalised to achieve our objective of introducing our technology in every major imaging market around the world,” stated Southard.
Through IVUS technology, the TVC Imaging System provides clear and relevant information about vessel structure, in real-time. The system is the only device available in both the U.S. and Europe for the detection of LCPs. NIRS measurements have been made in over 5,000 patients in over 100 hospitals worldwide.
The companies are on track to receive Japanese regulatory approval of the TVC Imaging System in the first half of 2014.
The Board of Directors include members from CI Investments (William T. Holland), Sanderling Ventures (Robert Mc Neil, Ph.D.; Timothy C. Mills), and Epoch Investment Partners (William W. Priest).