IRRAS Announces Participation and Educational Symposium at Key Upcoming Neurosurgery Conferences

Stockholm, October 5, 2022 – IRRAS, a commercial-stage medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today announced its plans to participate in the upcoming annual meetings of the Congress of Neurological Surgeons in San Francisco, CA, from October 8 – 12, 2022, and the Neurocritical Care Society in San Antonio, TX, from October 17 – 21, 2022.

Both meetings are well-respected and highly engaging conferences that bring together neurosurgeons, neurointensivists, and other healthcare professionals from around the world to enhance health and improve lives through the advancement of neurosurgical education and scientific exchange. 

During CNS, IRRAS will exhibit at booth #332, and, at NCS, IRRAS’ team will be available at booth #513 to meet with attendees and provide demonstrations of the IRRAflow and Hummingbird neuromonitoring product lines.  Attendees at both conferences are encouraged to visit the IRRAS booths to learn more.

Also at CNS, IRRAS will participate in an all-day symposium where international experts will present their unique perspectives on neurotrauma management to integrate best practices and emerging evidence to optimize outcomes. The symposium will include a product demonstration station, where IRRAflow, the world’s first active fluid exchange system, and the Hummingbird ICP advanced neuromonitoring product line will be showcased. Details are provided below.

Symposium Details

Title: “SYM11: Neurotrauma Across the Lifespan and Around the World”
Date: Sunday, October 9, 2022
Time: 0800 to 1615 PDT
Location: Moscone Center, Room 2009

In addition to the neurotrauma symposium participation at CNS, clinical data regarding the use of the IRRAflow system will also be presented. Dr. Behnam Rezai Jahromi, a neurosurgeon from Helsinki University Hospital, will present the poster, titled “Active CSF Exchange and Removal of SAH to Reduce Shunt Dependency,” which will be available for review, both in-person and online.

“October will be an exciting month for IRRAS, and we are excited for the opportunity to partner with the Congress of Neurological Surgeons and the Neurocritical Care Society to participate in their upcoming annual meetings,” said Will Martin, President and Chief Executive Officer of IRRAS. “Our team is looking forward to meeting with attendees in person at both of these important meetings to build brand awareness for our IRRAflow and Hummingbird product lines and highlight the growing commercial adoption and clinical evidence base.” 

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 is listed on Nasdaq Stockholm (ticker: IRRAS).

For more information, please contact:

Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+46 102 11 5172

The information was released for public disclosure, through the agency of the contact person above, on October 5, 2022, at 8:30 (CET).

Change in the total number of shares and votes in IRRAS AB

2022-09-30

As of 30 September 2022, the total number of shares and votes in IRRAS AB (“IRRAS”) amounts to 794,813,400.

The number of shares and votes in IRRAS has increased as a result of the registration of 230,572,566 ordinary shares subscribed for without the support of subscription rights, which in accordance with previously announced information, was issued in connection with the rights issue that was resolved by the board of directors on 4 July 2022 and approved by the extraordinary general meeting held on 3 August 2022.

This information is published in accordance with Chapter 4, Section 9 of the Swedish Financial Instruments Trading Act (SFS 1991:980). This press release was made public, through the agency of the person below on 30 September 2022, at 08.00 a.m. CEST.

About IRRAS

IRRAS is a global medical care company focused on 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:

Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+46 102 11 5172

 Change in the total number of shares and votes in IRRAS AB

Change in the total number of shares and votes in IRRAS AB

2022-08-31

As of 31 August 2022, the total number of shares and votes in IRRAS AB (“IRRAS”) amounts to 564,240,834.

The number of shares and votes in IRRAS has increased as a result of the registration of 484,759,494 ordinary shares subscribed for with subscription rights, which in accordance with previously announced information, was issued in connection with the rights issue that was resolved by the board of directors on 4 July 2022 and approved by the extraordinary general meeting held on 3 August 2022.

This information is published in accordance with Chapter 4, Section 9 of the Swedish Financial Instruments Trading Act (SFS 1991:980). This press release was made public, through the agency of the person below on 31 August 2022, at 8.00 a.m. CEST.

About IRRAS

IRRAS is a global medical care company focused on 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:

Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+46 102 11 5172

 Change in the total number of shares and votes in IRRAS AB

IRRAS raises SEK 215 million in a rights issue

Stockholm, (24 August 2022) – The subscription period of the rights issue in IRRAS AB (publ) (“IRRAS” or the “Company”), (Nasdaq Stockholm: IRRAS), ended on 23 August 2022. 484,759,494 shares, corresponding to approximately 67.8 percent of the offered shares, were subscribed for by exercise of subscription rights. Additionally, subscription applications corresponding to 38,426,359 shares, equivalent of approximately 5.4 percent of the offered shares, have been received for subscription without the exercise of subscription rights. A guarantee commitment corresponding to 192,146,207 shares, approximately 26.9 percent of the shares in the rights issue, will thus be utilized. IRRAS will, through the rights issue, receive approximately SEK 215 million before deduction of costs related to the transaction.

The rights issue in brief

  • 67.8 percent of the rights issue was subscribed for by exercise of subscription rights and 5.4 percent of the rights issue was subscribed for without subscription rights.
  • A guarantee commitment corresponding in total to 192,146,207 shares, approximately 26.9 percent of the shares in the rights issue, will be utilized. The guarantee commitment was provided by Spetses Investments Limited, an investment vehicle managed by Levant Capital (in which Marios Fotiadis is a director of the board[1]).
  • The purpose of the rights Issue is to ensure a successful implementation of the Company’s growth strategy, including financing of its ongoing operations and the continued commercialization of its product portfolio.

Through the rights issue, the Company will receive approximately SEK 215 million before deduction of costs related to the transaction. The rights issue consists of 715,332,060 new shares. The subscription price was SEK 0.30 per new share and the subscription period ended on 23 August 2022. As described in the prospectus, the Board of Directors has approved that Bacara Holdings Ltd, in connection with the payment of the subscription price, may set off a loan amount of SEK 40 million in total plus accrued interest incurred in connection with the utilization of a short-term loan facility that Bacara Holdings Ltd has provided to IRRAS.

Through the rights issue, the share capital of the Company will be increased by SEK 21,459,961.80 to a total of SEK 23,844,402.00. The number of shares in the Company will be increased by 715,332,060 shares, from 79,481,340 shares to 794,813,400 shares. The dilution for shareholders not subscribing for shares in the rights issue will be approximately 90 percent following the rights issue. The new shares subscribed for in the rights issue are estimated to be registered with the Swedish Companies Registration Office around week 34-35. Allotment of shares subscribed for without subscription rights will be made in accordance with the principles outlined in the prospectus. Around 25 August 2022, a settlement note will be sent to those who have received allotment of shares as confirmation of the allotment of shares subscribed for without subscription rights. No confirmation will be sent to subscribers who received no allotment. Payment for subscribed and allocated shares is to be made in cash in accordance with the instructions on the settlement note sent to the subscriber.

The last day for trading in paid-up subscribed shares (“BTAs”) is 25 August 2022. Thereafter, BTAs will be converted to shares, which is expected to take place around 6 September 2022 without special notification from Euroclear.

Advisors

Carnegie Investment Bank AB (publ) acts as Sole Global Coordinator and Joint Bookrunner in connection with the Rights Issue. Vator Securities acts as Joint Bookrunner in connection with the Rights Issue. Setterwalls Advokatbyrå AB acts as legal adviser to IRRAS in connection with the Rights Issue.

For more information, please contact:
USA
Will Martin
President and CEO

ir@irras.com


Europe
Sten Gustafsson

Director, Investor Relations
sten.gustafsson@irras.com
+46 102 11 5172

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 is listed on Nasdaq Stockholm (ticker: IRRAS).


Important information
The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be illegal. In a member state within the European Economic Area ("EEA"), shares referred to in the press release may only be offered in accordance with applicable exemptions under the Prospectus Regulation.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Canada, Japan, South Africa or Australia, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, "qualified investors" who are (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

A prospectus regarding the Rights Issue described in this release has been published by the Company on 5 August 2022. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation. In accordance with article 2 k of the Prospectus Regulation this press release constitutes an advertisement. Complete information regarding the Rights Issue can only be obtained through the Prospectus. IRRAS has not authorized any offer to the public of shares or rights in any other member state of the EEA. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company's shares. Such information has not been independently verified by the Joint Bookrunners. The Joint Bookrunners are acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in IRRAS have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in IRRAS may decline and investors could lose all or part of their investment; the shares in IRRAS offer no guaranteed income and no capital protection; and an investment in the shares in IRRAS is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Rights Issue.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in IRRAS.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in IRRAS and determining appropriate distribution channels.

The information was released for public disclosure, through the agency of the contact person above, on August 24, 2022, at 22:15 (CET).

[1] Bacara Holdings Limited is indirectly a shareholder of Spetses Investments Ltd. Bacara Holdings Limited is the largest shareholder of IRRAS and is owned by a related party of Marios Fotiadis, the Chairman of the Board of IRRAS. Marios Fotiadis is also a director of Levant Capital and Bacara Holdings Limited.

 IRRAS raises SEK 215 million in a rights issue

IRRAS Announces First Patient Treatments at Mount Sinai Health System in New York as Part of the DIVE Study

Stockholm, August 23, 2022 – IRRAS, a commercial-stage medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today announced the initial patient treatments with the company’s IRRAflow system within Mount Sinai Health System in New York, NY, one of the United States’ largest and most respected hospital groups.  Thus far, two patients suffering from intraventricular hemorrhage (IVH) have been enrolled in the Deployment of Irrigating Intraventricular Catheter System (DIVE) clinical trial for patients. The DIVE study will assess the IRRAflow system’s ability to more effectively treat patients experiencing IVH than traditional treatment with an external ventricular drain (EVD).

The DIVE study is a retrospective and prospective cohort, controlled, single-center, phase 1 study with a primary objective of evaluating the safety and radiographic outcomes associated with using IRRAS’ IRRAflow system compared to the current standard of care with external ventricular drains.  Dr. Christopher Kellner, Assistant Professor of Neurosurgery and Director of the Intracerebral Hemorrhage program at Mount Sinai, is the Principal Investigator of the study, which will compare retrospective EVD data from Mount Sinai Hospital and Mount Sinai West Hospital to prospective data collected from future patients treated with IRRAflow in up to 140 patients (70 EVD versus 70 IRRAflow).

“We are excited to enroll our first patients in the DIVE study,” said Dr. Kellner. “We believe that the combination of irrigation and drainage has the potential to be a more efficient and cost-effective means to treat intraventricular hemorrhage than traditional passive drainage. Our first patient was successfully treated in just 67 hours, a significant reduction from our historic data for ICU and hospital length of stay.  This study will continue to enroll patients and assess outcomes.”

“Our growing partnership with Mount Sinai is another exciting step toward IRRAS becoming a leader in the treatment of intracranial bleeding,” said Will Martin, President and CEO of IRRAS.  “Working closely with such a prestigious institution and closely tracking the outcomes of their patients within the DIVE study will be an important piece of the growing pool of clinical evidence to support improved outcomes with IRRAflow for this critically ill group of patients.”

The Mount Sinai Health System is an internationally recognized leader in clinical neurosurgery, neurosurgery education, and neurosurgery research. For 2021-2022, Neurosurgery and Neurology at The Mount Sinai Hospital rank 9th in the United States, according to U.S. News and World Report.

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 is listed on Nasdaq Stockholm (ticker: IRRAS).

For more information, please contact:

Sten Gustafsson
Director, Investor Relations

sten.gustafsson@irras.com
+46 102 11 5172

The information was released for public disclosure, through the agency of the contact person above, on August 23, 2022, at 8:30 (CET).

IRRAS Expands Short-term Financing Agreement

Stockholm, Sweden, August 10, 2022 – IRRAS, a commercial-stage medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today announced an expansion of the previously announced short-term financing agreement with Bacara Holdings, its largest shareholder, which is led by the company’s Chairman of the Board of Directors, Marios Fotiadis. 

This extension of the bridge loan agreement will provide IRRAS an additional MSEK 10 in funding to cover its working capital needs until the completion of the company’s ongoing rights issue process, which was approved at an EGM held on Wednesday, 3 August 2022.  This loan expansion will be a secured credit facility with an interest rate of 6.0% on an annual basis, which are the same terms as the original short-term loan agreement with Bacara Holdings, and will be repaid with proceeds generated by the rights issue.

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 is listed on Nasdaq Stockholm (ticker: IRRAS).

For more information, please contact:

Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+46 102 11 5172

The information was released for public disclosure, through the agency of the contact person above, on August 10, 2022, at 8:30 (CET).

 IRRAS Expands Short-term Financing Agreement

IRRAS publishes prospectus relating to the rights issue of approximately SEK 215 million

2022-08-05

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA OR AUSTRALIA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

The prospectus relating to the rights issue in IRRAS AB (publ) (“IRRAS” or the “Company”) (Nasdaq Stockholm: IRRAS) of approximately SEK 215 million before issue costs (the “Prospectus”) has today, 5 August 2022, been approved and registered by the Swedish Financial Supervisory Authority. The Prospectus is available on IRRAS’ website, www.irras.com, together with all other information relating to the rights issue. The Prospectus is also available on Carnegie’s website, www.carnegie.se, and Vator Securities’ website, www.vatorsecurities.se, and will within a couple of days also be published on the Swedish Financial Supervisory Authority’s prospectus register, https://fi.se/sv/vara-register/prospektregistret/. The approval of the Prospectus should not be understood as an endorsement of the shares. In order to fully understand the potential risks and rewards associated with the decision to invest in the Offering, potential investors should read the Prospectus before making an investment decision.

Advisors

Carnegie Investment Bank is acting as Global Coordinator and Joint Bookrunner in the transaction while Vator Securities is acting as Joint Bookrunner. Setterwalls Advokatbyrå is acting as legal adviser.

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 is listed on Nasdaq Stockholm (ticker: IRRAS).

Important Information

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be illegal. In a member state within the European Economic Area (“EEA”), shares referred to in the press release may only be offered in accordance with applicable exemptions under the Prospectus Regulation.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Canada, Japan, South Africa or Australia, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

A prospectus regarding the Rights Issue described in this release has been published by the Company on 5 August 2022. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation. In accordance with article 2 k of the Prospectus Regulation this press release constitutes an advertisement. Complete information regarding the Rights Issue can only be obtained through the Prospectus. IRRAS has not authorized any offer to the public of shares or rights in any other member state of the EEA. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by the Joint Bookrunners. The Joint Bookrunners are acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

Information to distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in IRRAS have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in IRRAS may decline and investors could lose all or part of their investment; the shares in IRRAS offer no guaranteed income and no capital protection; and an investment in the shares in IRRAS is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Rights Issue.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in IRRAS.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in IRRAS and determining appropriate distribution channels.

For more information, please contact:

Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+46 102 11 5172

The information was released for public disclosure, through the agency of the contact person above, on August 5, 2022, at 10:15 (CET).

 IRRAS publishes prospectus relating to the rights issue of approximately SEK 215 million

Bulletin from the Extraordinary General Meeting in IRRAS AB (publ) on 3 August 2022

The Extraordinary General Meeting (the “EGM”) in IRRAS AB (publ) (the “Company”) has been held on 3 August 2022 and in particular the following decisions were resolved.

Resolution on amendment of the Articles of Association

The EGM resolved to amend §§ 4-5 of the Articles of Association whereby the share capital of the Company shall amount to not less than SEK 15,000,000 and not more than SEK 60,000,000 and the number of shares in the Company shall be not less than 500,000,000 and not more than 2,000,000,000 shares.

Approval of the resolution by the Board of Directors to issue new shares with preferential rights for the shareholders

The EGM resolved to approve the Board of Directors’ resolution of 4 July 2022, to increase the Company’s share capital by a maximum amount of SEK 21,459,961.80 through the issue of a maximum number of 715,332,060 ordinary shares.

The shareholders of the Company shall have preferential rights to subscribe for the new shares in relation the number of shares previously held, whereby one existing share entitles to subscribe for nine new ordinary shares. The record date for determining which shareholders shall be entitled to subscribe for new shares on a preferential basis shall be 5 August 2022.

Subscription for new shares based on subscription rights shall be made through payment in cash during the period from 9 August 2022 until and including 23 August 2022. Subscription without subscription rights shall be made through notice on special application form during the period from 9 August 2022 until and including 23 August 2022.

The subscription price is SEK 0.3 per share which in the case of full subscription provides issuing proceeds of up to approximately MSEK 215.

Resolution to implement an incentive scheme (LTIP 2022)

The EGM resolved to approve the Board of Director's proposal regarding a long-term incentive program 2022 (LTIP 2022) in accordance with items A, B and D.4 of the proposal.

Resolution in respect of authorisation for the Board of Directors to resolve to issue shares, warrants and/or convertible bonds

The EGM resolved to authorise the Board of Director’s to resolve to increase share capital through the issue of new shares, warrants and/or convertibles.                                                             

Complete proposals regarding the EGM'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 Stockholm (ticker: IRRAS).

For more information, please contact:

USA
Will Martin
President and CEO

ir@irras.com

Europe
Sten Gustafsson
Director, Investor Relations

sten.gustafsson@irras.com
+46 102 11 5172

The information was released for public disclosure, through the agency of the contact person above, on August 3, 2022, at 11.30 (CET).

 Bulletin from the Extraordinary General Meeting in IRRAS AB (publ) on 3 August 2022

IRRAS AB publishes Interim Report for the period January to June 2022

Second quarter, April – June 2022

  • Net revenue amounted to SEK 9.7 million (5.1).
  • Operating loss (EBIT) amounted to SEK -35.8 million (-26.7).
  • Loss after tax amounted to SEK -36.9 million (-27.1).
  • Earnings per share before and after dilution amounted to SEK -0.46 (-0.40).
     

Period, January – June 2022

  • Net revenue amounted to SEK 18.4 million (9.1).
  • Operating loss (EBIT) amounted to SEK -69.5 million (-66.0).
  • Loss after tax amounted to SEK -70.3 million (-66.0).
  • Earnings per share before and after dilution amounted to SEK -0.97 (-0.99).
     

Significant events during the quarter

Short-term financing agreement of MSEK 30 secured

  • A short-term financing agreement with Bacara Holdings, IRRAS’ largest shareholder, provided MSEK 30 to cover the working capital needs until completion of the long-term financing.

Significant events during the quarter

Business update and new financial targets

  • IRRAS provided updated financial targets to provide long-term direction to investors prior to announcement of its financing plan.
    • Revenue is expected to exceed MSEK 350 in 2025 with a gross margin above 60 percent. Cashflow breakeven is expected by 2025.
    • In 2022, revenues are expected to exceed MSEK 35 with a gross margin above 30 percent.
    • The company may consider a change in its commercial strategy by exploring potential partnerships with established medical device companies to accelerate the rollout of its products.

IRRAS intends to carry out a rights issue of up to MSEK 215

  • The rights issue is intended to provide sufficient capital for the company to successfully implement its growth strategy.
  • The proposed rights issue is 77 percent through subscription and guarantee commitments, representing issue proceeds of at least MSEK 166.

First patients enrolled in new core clinical study, DIVES

  • The DIVES (Deployment of Irrigating Intraventricular Catheter System) clinical study is being conducted at Mt. Sinai Health System in New York, and will assess the effectiveness of IRRAflow versus standard EVD treatment.
  • The first IRRAflow patient was successfully treated in just 67 hours, a significant reduction compared with the hospital’s historic data for ICU and hospital length of stay.

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

Q2 Report 2022 – conference call and audiocast
IRRAS will host a conference call and an online presentation of its Q2 2022 interim report on July 22 at 09.00 CET. The presentation will be held in English.

The dial-in numbers for the conference call are:

Sweden: +46 8 50 51 63 86
UK: +44 203 198 4884
US: +1 412 317 6300
Pin code: 8395073#

The presentation will be webcast and can be accessed from the following web address:

https://tv.streamfabriken.com/irras-q2-2022

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
Will Martin
President and CEO

ir@irras.com

Europe
Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+46 102 11 5172

This document is considered information that IRRAS is obliged to disclose pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was released for public disclosure, through the agency of the contact person above, on July 22, 2022 at 8:00 a.m. (CET).

 IRRAS AB (publ) Interim report for January to June 2022

Q2 Report 2022 – invitation to conference call and audiocast

Stockholm, July 15, 2022 – On Friday, July 22, at 09.00 CET, IRRAS will host a conference call and an online presentation of its Q2 2022 interim report (which will have been published earlier on July 22 at 08.00 CET). The presentation will be held in English.

The dial-in numbers for the conference call are:

Sweden: +46 8 50 51 63 86
UK: +44 203 198 4884
US: +1 412 317 6300
Pin code: 8395073#

The presentation will be webcast and can be accessed from the following web address:

https://tv.streamfabriken.com/irras-q2-2022

Speakers: President and CEO Will Martin, Interim CFO Griffen Stapp, and Head of Investor Relations Sten Gustafsson

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 is listed on Nasdaq Stockholm (ticker: IRRAS).

For more information, please contact:

Sten Gustafsson
Director, Investor Relations
sten.gustafsson@irras.com
+46 102 11 5172

The information was released for public disclosure, through the agency of the contact person above, on July 15, 2022 at 8:30 (CET).

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