Indago, Medical Device and Technology Company, Announces Closing of $ 10 Million Funding and Lazurite Name Change
CLEVELAND, June 25, 2021– (BUSINESS WIRE) – Indago, a technology and medical device company, announces the successful closing of its $ 10 million convertible financing round. The funds will be used to complete pre-submission testing of the ArthroFree â¢ – the company’s transformative wireless camera system – and to submit the device for FDA approval, as well as to continue to develop a diversified pipeline of additional products and to expand the intellectual capacity of the company. real estate portfolio. The company plans to submit its 510 (k) pre-market notification in late 2021 and expects to receive FDA approval to launch the product in the first half of 2022.
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Eugene Malinskiy, CEO and Founder of Lazurite Holdings (Photo: Business Wire)
The company also announced that it is changing its name to Lazurite Holdings, effective immediately.
“We are delighted to have closed the funding round and look forward to using the funds to help move ArthroFree to the FDA and further develop our line of tracking products,” said Eugene Malinskiy, CEO and founder. âWith the close of the financing round, we are also delighted to announce the new name of the company and to welcome Michael Salerno to our board of directors. continue to develop Lazurite and expand our product base. “
He continued, âOur innovative and patented Meridiem â¢ lightweight engine technology is one of our greatest strengths. It is the basis of 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 â¢ – which refers to the color of light emitted by the laser diode in our low temperature, high power light engine technology – we would like them to consider us the medical device and innovation company known for its transformative wireless surgical platform, laser lighting and other advanced technologies. “
Salerno is a co-founder of AUA Capital Management and previously is the Managing Director of QFS Asset Management, a leading global alternative asset manager specializing in quantitative investment strategies. He is also a former general partner of Select Capital Ventures, a fund focused on providing growth capital to healthcare-focused companies. AUA Capital Management is the lead investor for the last round of funding.
âI am delighted to join both the Lazurite Board of Directors and the group of investors who support the company,â said Salerno. “I have been impressed with how enthusiastic doctors are about ArthroFree and I am impressed that over 50 doctors are invested in Lazurite.”
Mark Froimson, MD, Chairman of the Board of Lazurite, said: âWe are very pleased to have had another successful fundraiser and to welcome Michael Salerno to our Board of Directors. His experience leading a venture capital fund focused on healthcare companies will be particularly valuable. We look forward to presenting our products and the next submission to the FDA.
Lazurite (formerly Indago) is a pre-revenue medical device start-up backed by private capital. The company has raised approximately $ 18 million to date from institutional investors, high net worth individuals and more than 50 champion physicians. Founded in Cleveland in 2015, Lazurite has developed new technology that will allow it to create the operating room of the future. The company’s product pipeline includes the ArthroFree â¢ wireless camera system, the world’s first fully wireless minimally invasive camera system platform designed for the operating room; ORFree â¢, the world’s first fully wireless mobile minimally invasive surgical camera platform; and others based on the company’s new and patented Meridiem â¢ light engine technology. For more information see: www.lazurite.co.
This press release includes “forward-looking statements”. Forward-looking statements may be identified by words such as: “anticipate”, “intend”, “plan”, “believe”, “plan”, “estimate”, “‘expect”, “could”, ” should “,”, “” milestone “and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our regulatory submission schedule for ArthroFree â¢. Forward-looking statements are not historical facts or guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions about the future of our business, future plans and strategies, projections, anticipated events and trends, economy and other future conditions. Since forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances. these difficult to predict and many of which are beyond our control. Our actual results may differ materially from those shown in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statements we make in this press release are based solely on information currently available to us and speak only as of the date on which they are made. We assume no obligation to publicly update any forward-looking statements, written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Lazurite â¢, ArthroFree â¢ and Meridiem â¢ are registered trademarks of Lazurite Holdings LLC.
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Patrick Gallagher Public relations and marketing communications