IRRAS to Present Virtually at Upcoming Investor Conferences

Stockholm, August 5, 2020 – IRRAS, a global healthcare company with a comprehensive portfolio of innovative products for neurocritical care, today announced that company management will present and participate in several virtual investor conferences listed below:

  • 2020 WedBush PacGrow Healthcare Conference
    • Wednesday, August 12th, 2020 from 12:35pm-1:05pm EDT
    • This presentation will be webcast live and details will be available on www.irras.com
  • H.C. Wainwright 22nd Annual Global Investment Conference
    • September 14-16th, 2020
    • The company is hosting 1×1 meetings with investors
  • Pareto Securities’ Annual Healthcare Conference 2020 Stockholm
    • September 2nd, 2020 from 3pm-3:30pm CET
    • This presentation will be webcast live and can be accessed by Pareto Securities’ registered clients

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners.  

IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com

IRRAS AB (publ) is listed on Nasdaq Stockholm (ticker: IRRAS).

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
CEO
ir@irras.com  

Europe
Sabina Berlin
CFO
+46 73 951 95 02
sabina.berlin@irras.com

The information was released for public disclosure, through the agency of the contact person above, on August 5, 2020 at 08:00 (CET).

IRRAS Announces Extension of CE Mark for IRRAflow System until May 2024

Stockholm, July 22, 2020 – IRRAS AB, a commercial stage medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today announced the extension of the CE Mark until May 2024 for all components of its IRRAflow system, including the IRRAflow control unit, disposable Tube Set with digital pump, and both versions of the IRRAflow dual-lumen drainage catheter.

“The extension of our CE Mark for IRRAflow is not only an important milestone for our company, but it also reinforces the need for innovative solutions for patients with intracranial bleeding,” said Kleanthis G. Xanthopoulos, Ph.D., CEO of IRRAS. “Each year, 75% of hemorrhagic strokes result in death or disability, and this extension ensures that physicians will continue to have a next generation, intelligent option for these critically ill patients.” 

The CE Mark is issued by the European Commission and allows the IRRAflow CNS system to be marketed throughout the EU member nations for the external drainage of intracranial fluid and the measurement of intracranial pressure (ICP) as a means of reducing intracranial pressure. IRRAS received its initial CE Mark in 2014, and the system’s CE Mark recertification was completed in December 2019. This extension of the system’s CE Mark certificate until May 2024 under existing Medical Device Directive (MDD) standards ensures that the IRRAflow will remain commercially available without interruption as the European Union transitions to the new Medical Devices Regulation standards, which is scheduled to occur in May 2021.

IRRAflow, the company’s initial commercial product, is a transformative medical device system that combines controlled irrigation with ongoing fluid drainage to better manage patients with intracranial bleedings.  The system’s automated use of irrigation addresses challenges associated with traditional passive fluid drainage, such as catheter blockages and infection. In addition, IRRAflow’s irrigating fluid helps to dilute toxic material, such as blood or bacteria, that is collected within the intracranial space and make it easier to remove.

“We’re quite pleased to finalize the extension of the CE Mark for IRRAflow until 2024. The regulatory environment in Europe is evolving with the transition to the new MDR standards, and this extension removes any associated regulatory risk for IRRAflow for several years,” said Will Martin, President and Chief Commercial Officer of IRRAS. “Our commercial activities are returning to normal after the covid-19 lockdowns, and this news will permit us to continue our commercial acceleration throughout the second half of 2020 and beyond.”

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners. IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com. 

IRRAS AB (publ) is listed on Nasdaq Stockholm (ticker: IRRAS).

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
CEO
ir@irras.com  

Europe
Sabina Berlin
CFO
+46 73 951 95 02
sabina.berlin@irras.com

The information was released for public disclosure, through the agency of the contact person above, on July 22, 2020 at 09:45 (CET).

Covid-19 delays short term revenue, while the commercial launch of IRRAflow and Hummingbird progresses

Stockholm, June 30, 2020 – IRRAS AB, a commercial stage medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today provided an update on the launch of its IRRAflow® and Hummingbird ICP Monitoring product lines during the evolving global covid-19 pandemic.

“Since early March, like many other companies around the world, covid-19 has changed IRRAS’ business significantly, and our expected revenue growth during the first and second quarters of 2020 has been negatively impacted,” said Kleanthis G. Xanthopoulos, Ph.D., Chief Executive Officer of IRRAS.

The New England Journal of Medicine recently analyzed data on more than 231,000 patients that were imaged for a potential stroke in the United States from July 2019 to April 2020 and estimated that imaging was down 39% from February to early April of this year. A second study published in Stroke showed a similar 40% decrease in stroke admissions between February 2019 and February 2020 in China.

Patients with intracranial bleeding require emergent treatment, so our current customer base where IRRAflow has been previously evaluated and ordered have continued their use of the system. However, overall stroke volumes have dropped globally, and our IRRAS team’s access to hospitals around the world has understandably been restricted,” added Xanthopoulos. “Hospitals have also reallocated staff and patient beds in the neurosurgical intensive care unit (ICU) to focus on covid-related treatments, which has delayed the approval of new technologies. Because of these challenges, ongoing IRRAflow evaluations and new hospital launches were placed on hold for a period of time.”

In the United States, IRRAflow evaluations, including those at 6 comprehensive stroke centers that were underway during Q1, were paused due to the limitations implemented during the covid-19 pandemic. Each hospital’s covid-19 regulations differ, and the company’s US direct sales team is working closely with the staff and physicians to prepare a strategy to restart the evaluations when possible. Because of the varying local guidelines, the IRRAS team is prioritizing opportunities in regions that have accelerated reopening and have resumed their review of new product requests. At the same time, the company has overcome the restrictions on in-person meetings with an increased use of digital marketing.

“For a growing company like IRRAS, a significant portion of our expected revenue is forecasted to come from new hospital customers, and, in the short-term, the completion of product evaluations and the resulting commercial orders have been delayed,” said Will Martin, President and Chief Commercial Officer of IRRAS. “However, our IRRAS team has remained remotely engaged with our customer base, and, as hospitals return to more normal operations, our team is ready to resume our activities with these targeted customers. Even with the challenges caused by the covid-19 pandemic, we have been able to continue to make progress with the global launch of both IRRAflow and Hummingbird to better position the company for long-term growth.”

The company’s IRRAflow system received its CE Mark recertification in December 2019, and early launch efforts were underway in Europe before the full impact of covid-19 was felt. Now, as certain markets begin to slowly reopen, IRRAS’ commercial activities can also resume.

Recently, the initial European patients were treated with IRRAflow since the product’s CE Mark recertification. To date, two patients have been successfully treated by Dr. António Marques Baptista and the team at Centro Hospitalar de Vila Nova de Gaia / Espinho in Gaia, Portugal. While training support could not be provided in-person due to covid-19 travel and hospital access restrictions, IRRAS personnel was able to support the treatments virtually using the company’s digital training tools.

“These initial patient treatments in Portugal mark an important next step for the European launch of IRRAflow,” added Xanthopoulos. “Our team’s primary focus over the past several months has been to ensure that we are prepared for expansion as things return to normal, and the introduction of our products into new markets is a key part of that strategy.”

In addition to the initial patient treatments in Portugal, progress has also been made with distribution partners in other European markets to prepare for commercial launches during the second half of 2020. Previously, IRRAS announced its intentions to launch IRRAflow in an additional 7 to 10 markets globally during 2020, and, even after covid-19’s impact, the company remains on track to achieve that target. In addition to Portugal, IRRAflow control units have now been placed in Italy, Spain, Poland, Austria, and the United Kingdom, and distributor and customer training is underway using IRRAS’ remote training capabilities.

“We see the potential and versatility of the IRRAflow system for the treatment of neurocritical patients in Poland, said Mariusz Tyszkewicz, Managing Director of Biameditek Sp. z.o.o, IRRAS’ distribution partner in Poland. “IRRAflow brings much needed innovation in intracranial fluid management and offers safety and efficacy to physicians. The system fits in very well with our other ICU products, and we are excited to enter into a relationship with IRRAS.” Biameditek is a wholly owned subsidiary of Indutrade AB, a publicly-traded Swedish company.

To support the expanding European launch of its product portfolio, IRRAS has also recently finalized the addition of personnel in key sales and training roles. An International Training Manager has already joined the company in Germany, and a Director of Nordic Sales and a Director of German Sales have signed employment agreements to join the team during the 3rd quarter of 2020 to oversee growth in these strategic markets.

“Expanding the launch of IRRAflow to additional European countries is a critical element of IRRAS’ future success,” added Martin. “In spite of covid-19’s impact, we’ve taken needed initial steps to launch IRRAflow in these important markets. As situations allow in each individual market, we look forward to helping critically ill patients throughout Europe in coming months.”

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners.

IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com. 

IRRAS AB (publ) is listed on Nasdaq Stockholm (ticker: IRRAS).

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
CEO
ir@irras.com

Europe
Sabina Berlin
CFO
+46 10 211 51 71
sabina.berlin@irras.com

This information is information that IRRAS is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on June 30, 2020 at 10:00 (CET).

 Covid-19 delays short term revenue, while the commercial launch of IRRAflow and Hummingbird progresses ​​​​​​

IRRAS Announces Promotion of Will Martin to President and Chief Commercial Officer

Stockholm, June 15th, 2020IRRAS, a global healthcare company with a comprehensive portfolio of innovative products for neurocritical care, today announced the promotion of Will Martin to President and Chief Commercial Officer. 

Today’s announcement supports the company’s ongoing acceleration of its commercial launch. In this expanded role, Will Martin will continue to direct IRRAS’ global sales and marketing efforts and will also assume responsibility for the various functions that directly support commercial operations, including clinical affairs, regulatory, and quality. In addition, he will also work closely with the IRRAS’ Chief Executive Officer, Kleanthis G. Xanthopoulos, Ph.D., and Board of Directors to outline and execute the company’s long-term strategy.

“Since Will joined the IRRAS team, he has played a central role in the expansion of our global commercial activity,” said Dr. Xanthopoulos. “His leadership has positively impacted the company’s progress over the past two years, and I am pleased to see him assume these additional responsibilities.”

“Moving forward, my singular focus remains the commercial adoption of our product portfolio, and I am confident that my expanded role will enhance the ability to achieve our revenue goals,” added Mr. Martin.

Mr. Martin joined IRRAS in early 2018 as Chief Commercial Officer. Prior to joining IRRAS, he most recently served as General Manager of the Peripheral Vascular (PV) devices business for Philips Healthcare. Prior to this role, he held senior commercial leadership positions at multiple early stage companies where he was responsible for global product launches that produced profitable returns for investors, including AccessClosure, Inc. (acquired by Cardinal Health), Hotspur Technologies (acquired by Teleflex), and AtheroMed, Inc. (acquired by Philips Volcano).

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners.  

IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com. 

IRRAS AB (publ) is listed on Nasdaq Stockholm (ticker: IRRAS).
  

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
CEO
ir@irras.com  

Europe
Sabina Berlin
CFO
+46 73 951 95 02
sabina.berlin@irras.com

The information was released for public disclosure, through the agency of the contact person above, on June 15, 2020 at 08:30 (CET).

IRRAS has been approved for listing on Nasdaq Stockholm and publishes prospectus

IRRAS AB (publ) (“IRRAS”, or the “Company”) announces that Nasdaq Stockholm’s listing committee has approved the Company for listing on Nasdaq Stockholm’s main list. In connection with the list change from Nasdaq First North Premier Growth Market to Nasdaq Stockholm’s main list the Company has prepared a prospectus that has been approved and registered by the Swedish Financial Supervisory Authority. The prospectus is available on IRRAS’ website, www.irras.com, and will be available on SFSA’s website, www.fi.se.

The first day of trading on Nasdaq Stockholm’s main market is 20 May 2020. The last day of trading on Nasdaq First North Premier Growth Market is 19 May 2020.

For more information, please contact:

USA

Kleanthis G. Xanthopoulos, Ph.D.
President and CEO
ir@irras.com 

Europe

Sabina Berlin
CFO
+46 73 951 95 02
sabina.berlin@irras.com

The information was sent for publication, through the agency of the contact person set out above, on 19 May 2020, at 17:00 CET.

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners. 

IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com.

IRRAS AB (publ) is listed on Nasdaq First North Premier Growth Market (ticker: IRRAS). Redeye AB is certified adviser of the company with email, certifiedadviser@redeye.se, or phone +46 8 121 576 90.

 IRRAS has been approved for listing on Nasdaq Stockholm and publishes prospectus ​​​​​​​

IRRAS AB publishes Interim Report for the period January to March 2020

Rapid adaptation of the sales process due to covid-19 and preparations for commercial expansion

”The events that occurred during the first quarter of 2020 have challenged us to quickly adapt our global medical technology business to support our customers and the patients who need our life-saving technologies. Among other actions, we have strengthened our resources for support to physicians and patients, particularly through digital channels.

After securing the CE Mark recertification of IRRAflow in late December, our EU launch of the product resumed. IRRAflow inventory is in stock in our European distribution facility, and our initial EU revenue since the recertification was generated via orders from new distribution partners. As hospital systems in Europe reopen, we anticipate that the revenue contribution from the EU and other markets will increase during the year. During this time, our team continues to finalize plans to launch IRRAflow in our next wave of European markets.

In parallel, our US sales team was focused on key IRRAflow evaluations at 6 comprehensive stroke centers and our IRRAflow capital placement increased to a total of 35 systems currently in place. Additionally, the US launch of our Hummingbird family of ICP monitoring products began, and we’ve been encouraged thus far by the response of our customers to this complementary product line. At the end of Q1, 5 Hummingbird control modules were placed with US customers and additional Hummingbird revenue was generated after the limited launch in Q4.”

Kleanthis G. Xanthopoulos, Ph.D., President and CEO of IRRAS
 

First quarter, January – March 2020

  • Net revenue amounted to SEK 1.6 million (0.0).
  • Operating loss (EBIT) amounted to SEK -35.2 million (-39.1).
  • Loss after tax amounted to SEK -34.3 million (-38.7).
  • Earnings per share before and after dilution amounted to SEK -1.19 (-1.61).
     

Important events during the quarter

  • Extraordinary General Meeting
    At the Extraordinary General Meeting, held March 2, 2020, it was unanimously resolved to authorize the Board of Directors to decide on a new share issue, convertibles and/or warrants, with or without deviation from the shareholders´ preferential rights, a total of no more than SEK 250 million.

  • Rights issue decision
    The Board of Directors resolved, supported by the issue authorization granted by the Extraordinary General Meeting, to carry out a fully guaranteed rights issue of approximately SEK 217 million, with preferential rights to the Company´s existing shareholders. The prospectus was registered by the Swedish Financial Supervisory Authority on March 24, 2020.

Other key accomplishments

  • Collaboration with Helsinki University to advance uses of IRRAflow
    A long-term collaboration for the collection of clinical data with Dr. Mika Niemelä, Professor and Chairman of Neurosurgery, and Dr. Behnam Rezai Jahromi from the University of Helsinki, one of the world’s leading neurosurgical institutions was announced in March.

  • Rapid adaptation to covid-19
    IRRAS’ sales efforts were quickly adapted to the restrictions in the health care sector due to covid-19. The company’s support to customers has primarily been in digital form during the past months and IRRAflow has continued to be used in patient treatments. Also, the sales processes have been reshaped, but all approvals and associated training of new products have been slowed down due to the hospitals’ focus on the covid-19 pandemic.

Important events after the end of the quarter

  • The rights issue in IRRAS AB, for which the subscription period ended April 9, 2020, resulted in a contribution of SEK 217 million before fees. The number of shares increased by 37,463,366 to a total of 66,281,340.

  • IRRAS announced in May that it has been approved for a loan of USD 0.8 million as part of the US covid-19 stimulus package Paycheck Protection Program. The loan is forgivable under certain circumstances.
  • Nasdaq Stockholm’s listing committee has decided that IRRAS fulfills the requirements for admission to trading of the company’s shares on the main market Nasdaq Stockholm subject to customary provisions. The first day of trading is expected to be May 20 2020.

The report is available on the company’s website: https://investors.irras.com/en/reports-presentations
 

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners. 

IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com.

IRRAS AB (publ) is listed on Nasdaq First North Premier Growth Market (ticker: IRRAS). Redeye AB is certified adviser of the company with email certifiedadviser@redeye.se or phone +46 8 121 576 90.

 

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
President and CEO
ir@irras.com

Europa
Sabina Berlin

CFO
+46 73 951 95 02
sabina.berlin@irras.com
 

This document is considered information that IRRAS is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on May 14, 2020 at 8:00 a.m. (CET).

 Release

Q1 Report 2020 – invitation to conference call and audiocast

On Thursday May 14, at 16.00 CET, IRRAS will host a conference call and an online presentation of its Q1 2020 interim report (which will have been published earlier on the 14th at 08.00 CET). The presentation will be held in English.

The dial-in numbers for the conference call are:
Sweden: +46 8 50 55 83 68
Rest of the world: +44 33 33 00 92 61

The presentation will be webcast and can be accessed from the following web address:
https://tv.streamfabriken.com/irras-q1-2020

Speakers: President CEO Kleanthis G. Xanthopoulos, Ph.D., CCO Will Martin and CFO Sabina Berlin

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners.  IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com.

IRRAS AB (publ) is listed on Nasdaq First North Premier Growth Market (ticker: IRRAS). Redeye AB is Certified Adviser of the company with email certifiedadviser@redeye.se or phone +46 8 121 576 90.

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
President and CEO
ir@irras.com

Europa
Sabina Berlin

CFO
+46 73 951 95 02
sabina.berlin@irras.com

The information was released for public disclosure, through the agency of the contact person above, on May 11, 2020 at 8:00 (CET).

IRRAS to list on Nasdaq Stockholm

Nasdaq Stockholm’s listing committee has decided that IRRAS AB (publ) (“IRRAS” or the “Company”) fulfills the requirements for admission to trading of the Company’s shares on the main market Nasdaq Stockholm subject to customary provisions[1]. The first day of trading of IRRAS’ shares on Nasdaq Stockholm is expected to be Wednesday, 20 May 2020. The last day of trading of IRRAS’ shares on Nasdaq First North Premier Growth Market is expected to occur on Tuesday, 19 May 2020.

The shares that will be admitted to trading will be traded under the same tickers (IRRAS) and with the same ISIN code SE0008321202 as before. No new shares will be issued in connection with the listing on Nasdaq Stockholm Main Market. Shareholders of IRRAS do not need to take any action in connection with the change of listing venue.

“Following our recent capital raise in April, we are now in a strong financial position to continue the growth of IRRAS toward our goal of becoming a global leader in neurocritical care. It has been our stated ambition to carry out a change of listing venue to Nasdaq Stockholm Main Board during 2020 to raise the company’s profile and deliver shareholder value, and this transition will further strengthen the quality associated with IRRAS,” said Kleanthis G. Xanthopoulos, Ph.D., President & CEO of IRRAS.

“IRRAS is now well positioned to invest further in the commercialization of our IRRAflow and Hummingbird ICP monitoring product lines,” said Will Martin, Chief Commercial Officer of IRRAS. “During the COVID-19 pandemic, our innovative products have continued to provide lifesaving treatment to critically ill patients around the globe, and, as the economy recovers, we are ready to continue the acceleration of our global launch.”

For further information, please refer to the prospectus prepared in connection with the admission of trading of the Company’s shares on Nasdaq Stockholm, which is expected to be approved and registered by the Swedish Financial Supervisory Authority as well as published on IRRAS’s website (www.irras.com) on or about May 19 2020.

[1]The approval is subject to customary conditions, including the approval and registration of a prospectus by the Swedish Financial Supervisory Authority, confirmation that the dispersion requirements in respect of the shares are fulfilled and that the Company submits the application for admission of trading of its shares on Nasdaq Stockholm.

Advisors

In conjunction with the listing, Carnegie Investment Bank acted as financial adviser and Setterwalls Advokatbyrå as legal adviser to the Company.

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners.  

IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com

IRRAS AB (publ) is listed on Nasdaq First North Premier Growth Market (ticker: IRRAS). Redeye AB is certified adviser of the company with email, certifiedadviser@redeye.se, or phone +46 8 121 576 90.
  

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
President and CEO
ir@irras.com  

Europe
Sabina Berlin
CFO
+46 73 951 95 02
sabina.berlin@irras.com

This information is information that IRRAS is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on May 7, 2020 at 17:30 (CET).

 IRRAS to list on Nasdaq Stockholm

IRRAS receives approval for loan from US Stimulus Package

Stockholm, May 4th, 2020 – IRRAS, a global medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today announced that it entered into an unsecured promissory note under the Paycheck Protection Program (the “PPP”) for a principal amount of USD 832,055. The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) that was recently approved by the United States Congress to provide a USD 2.2 trillion package that allocates funding to small businesses to stimulate the economy and help businesses recover from the COVID-19 restrictions more quickly.

The term of the PPP loan is for two years at an annual interest rate of 1.0% on funds not spent within 8 weeks from the date the funds where paid out, with interest payments deferred for the first six months of the term of the loan. Under the terms of the CARES Act, a PPP loan recipient may apply for, and be granted, forgiveness for all or a portion of loans granted under the PPP. Such forgiveness is determined based upon the use of loan proceeds for payroll costs, rent and utility costs, and the maintenance of certain employee and compensation levels during the 8-week period.

In addition, on Tuesday, May 5th at 9:15 CET, Will Martin, Chief Commercial Officer of IRRAS, will present at Redeye’s Medtech and Diagnostics online seminar and will provide a general update of IRRAS activities, including the continued work during the COVID-19 pandemic. The seminar will be broadcasted at https://www.redeye.se/events#/event/779848.

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners.  

IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com

IRRAS AB (publ) is listed on Nasdaq First North Premier Growth Market (ticker: IRRAS). Redeye AB is certified adviser of the company with email, certifiedadviser@redeye.se, or phone +46 8 121 576 90.
  

For more information, please contact:

USA
Kleanthis G. Xanthopoulos, Ph.D.
President and CEO
ir@irras.com  

Europe
Sabina Berlin
CFO
+46 73 951 95 02
sabina.berlin@irras.com

This information is information that IRRAS is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on May 5, 2020 at 09:45 (CET).

 IRRAS receives approval for loan from US Stimulus Package

Bulletin from Annual General Meeting in IRRAS on April 28, 2020

The Annual General Meeting (the ”AGM”) on April 28, 2020 decided to adopt the balance sheet, income statement, consolidated income statement and consolidated balance sheet for 2019. Furthermore, it was resolved that no dividend will be distributed and disposable profits as of 2019-12-31 are carried forward to future periods.

The AGM also decided to discharge the board members and the CEO from liability for 2019.

The AGM approved the nominating committee’s proposal that the board shall consist of six board members.

The AGM resolved that the total board remuneration shall amount to SEK 1,946,000 whereof the remuneration to the chairman of the board shall amount to SEK 540,000 and that the remuneration to the other board members not employed by the company shall be SEK 240,000 each. For elected not employed board members living in the US an additional remuneration of SEK 96,000 is paid. The remuneration to the chairmen in the audit and remuneration committees is SEK 100,000 each and SEK 50,000 each to the other members in the committees. The AGM also decided that the remuneration to the auditor, as previous, will be on specified current account.

The AGM decided that the board until the end of the next AGM meeting will consist of the members Anders P. Wiklund, Kleanthis G. Xanthopoulos, Marios Fotiadis, Anita Tollstadius, Eva Nilsagård and Catherine Gilmore-Lawless. Anders P. Wiklund was re-elected chairman of the board. KPMG AB was re-elected as the company’s auditor, with Duane Swanson as auditor in charge, until the end of the AGM of 2021.

The AGM approved the board’s proposed remuneration guidelines for senior management.

The AGM approved the board’s proposal regarding a long-term incentive program 2020 (LTIP 2020) in accordance with items A and B of the proposal.

The AGM approved the board’s proposal for a resolution authorizing the board to resolve to issue warrants to secure delivery of shares to participants in the company’s outstanding incentive program, in addition to LTIP 2020, and to cover any upcoming social contributions due to the programs.

The AGM confirmed that the term of the options in incentive program 1 shall be up to and including 30 September 2025.

The AGM approved the board’s proposal to be authorized to increase share capital through the issue of new shares and/or convertibles.                                                              

Complete proposals regarding the AGM’s decisions are available on IRRAS AB:s website www.irras.com.

About IRRAS

IRRAS is a global medical care company focused on delivering innovative medical solutions to improve the lives of critically ill patients. IRRAS designs, develops, and commercializes neurocritical care products that transform patient outcomes and decrease the overall cost of care by addressing complications associated with current treatment methodologies. IRRAS markets and sells its comprehensive, innovative IRRAflow and Hummingbird ICP Monitoring product lines to hospitals worldwide through its direct sales organization in the United States and select European countries as well as an international network of distribution partners.  

IRRAS maintains its headquarters in Stockholm, Sweden, with corporate offices in Munich, Germany, and San Diego, California, USA. For more information, please visit www.irras.com. 

IRRAS AB (publ) is listed on Nasdaq First North Premier Growth Market (ticker: IRRAS). Redeye AB is certified adviser of the company with email, certifiedadviser@redeye.se, or phone +46 8 121 576 90.
  

For more information, please contact:

Sabina Berlin
CFO
+46 73 951 95 02
sabina.berlin@irras.com

The information was released for public disclosure, through the agency of the contact person above, on April 28, 2020 at 19:00 (CET).

 Bulletin from Annual General Meeting in IRRAS on April 28, 2020

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