CLEVELAND--(BUSINESS WIRE)--Indago, a medical device and technology company, announces the successful close of its $10 million convertible note round of financing. The funds will be used to complete pre-submission testing of the ArthroFree™ – the company’s transformative wireless camera system -- and to submit the device for FDA clearance, as well as continuing to develop a diverse pipeline of additional products and expand the company’s intellectual property portfolio. The company plans to submit its 510(k) premarket notification in late 2021 and expects to receive FDA approval to launch the product in the first half of 2022.
The company also announced that it is changing its name to Lazurite Holdings, effective immediately.
“We are excited to have closed the financing round and look forward to using the funds to help move ArthroFree through the FDA and continuing the development of our suite of follow-on products,” said Eugene Malinskiy, Chief Executive Officer and founder. “With the close of the financing round, we also are excited to announce the company’s new name and to welcome Michael Salerno to our Board. Michael’s depth of knowledge and experience in capital raising in the health care company space will be invaluable to us as we continue to grow Lazurite and expand our product base.”
He continued, “Our novel and patented Meridiem™ light engine technology is one of our core assets. It is the basis for our ArthroFree wireless arthroscopic camera system as well as a number of other products in our pipeline. When people see or hear the name Lazurite™ -- which references the color of the light emitted from the laser diode in our low-heat, high power light engine technology – we would like them to think of us as the medical device and innovations company known for its transformative surgical wireless platform, laser-based lighting and other advanced technologies.”
Salerno is a co-founder of AUA Capital Management and is formerly the managing director of QFS Asset Management, a premier global alternative asset manager specializing in quantitative investment strategies. He also is a former general partner of Select Capital Ventures, a fund focused on providing growth capital to health care-oriented companies. AUA Capital Management is the lead investor in the latest round of financing.
“I am delighted to join both the Board of Managers of Lazurite and the group of investors backing the company,” Salerno said. “I have been impressed to see how excited physicians are about ArthroFree and am impressed that more than 50 physicians are invested in Lazurite.”
Mark Froimson, MD, Chair of the Board of Managers of Lazurite, said, “We are very pleased to have completed another successful capital raise and to welcome Michael Salerno to our Board. His experience leading a venture cap fund focused on health care-oriented companies will be particularly valuable. We are looking forward to showcasing our products and the upcoming FDA submission.”
About Lazurite
Lazurite (formerly Indago) is a pre-revenue medical device startup company backed by private capital. The company has raised approximately $18 million to date from institutional investors, high-net worth individuals, and more than 50 physician champions. Founded in Cleveland in 2015, Lazurite has developed novel technology that will enable it to create the operating room of the future. The company’s product pipeline features the ArthroFree™ wireless camera system, the world’s first fully wireless minimally invasive camera system platform designed for the operating room; ORFree™, the world’s first fully wireless mobile minimally invasive surgical camera platform; and others based on the company’s novel and patented Meridiem™ light engine technology. For more information, see: www.lazurite.co.
Forward Looking Statements
This press release includes "forward-looking statements." Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," "may," "should," "will," “milestone,” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our regulatory submission timeline for ArthroFree™. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Lazurite™, ArthroFree™, and Meridiem™ are trademarks of Lazurite Holdings LLC.
