Date: Oct 03, 2017 Author: Katharine Grayson Source: bizjournals (
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Med-tech company Imricor Medical Systems Inc. has landed a round of bridge financing as it moves toward a key European regulatory approval.
The Burnsville-based company recently raised $1.75 million from its previous investors, said CEO Steve Wedan, who launched Imricor in 2006.
Imricor develops tools for cardiac ablation procedures, during which physicians use a catheter to destroy tissue that contributes to abnormal heart rhythms. The company aims to give electrophysiologists a better view of the heart during such procedures by making its products compatible with MRI technology. Many other tools on the market only work with x-ray imaging.
One key component of Imricor's system has already received regulatory approval in Europe but the other -- its tissue-destroying cathether -- is still in clinical trials. Wedan expects that study to wrap up in the coming weeks and hopes the catheter will be cleared for sale in the second quarter.
Imricor is still years away from a U.S. regulatory approval, but Wedan said sales in Europe should allow the company to achieve positive cash flow.
In addition to developing its own tools, Imricor has research partnerships with major MRI manufacturers, including GE and Siemens. It has also generated about $12 million in revenue since launching through licensing deals with other companies. Some med-tech companies have used Imricor's technology to develop MRI compatible devices.
Imricor has raised several rounds of outside funding from individual investors, including $3 million in 2010. The company has about 20 employees.
