IRRAS Secures Short-term Financing Agreement of MSEK 40
Stockholm, Sweden (April 20, 2023) – IRRAS, a commercial-stage medical technology company with a comprehensive portfolio of innovative products for neurocritical care, today announced a short-term financing agreement with Bacara Holdings, its second largest shareholder, which is led by Marios Fotiadis, the company’s Chairman of the Board of Directors. This bridge loan agreement provides IRRAS up to MSEK 40 in funding to cover its working capital needs until the completion of the company’s ongoing financing process. The short-term loan is a secured credit facility with an interest rate of 6.0% on an annual basis.
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:
Director, Investor Relations
+46 102 11 5172
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 April 20, 2023, at 21:25 (CET).