Stockholm, May 25, 2021 – IRRAS, a global medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today announced that its unsecured promissory note under the Paycheck Protection Program (the “PPP”) for a principal amount of USD 832,055 (approximately SEK 6.9 million) has been forgiven and will be reported as revenue in May. IRRAS is considered to have lived up to the requirements for foregivness based on the use of the loan according to the terms of the PPP.
The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) that was 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.
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).
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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 25, 2021 at 17:30 CET.