IRRAS AB (Nasdaq First North Premier: IRRAS), a medical technology company focused on commercializing innovative solutions for neurocritical care, announced today it has acquired the assets of InnerSpace Neuro Solutions Inc. with immediate effect. These include proprietary single and multi-lumen cranial access bolts, parenchymal ICP (Intracranial Pressure) monitoring, and cranial access kit. The total purchase price for these assets, which are 510(K) FDA cleared in the United States but have not yet received CE Mark, was 700,000 USD.
The InnerSpace products have been used in over 2 000 patients, and their clinical utility is supported by a number of scientific publications. They complement IRRAS’ current IRRAflow product line and substantially expand the company’s available product portfolio. Sales are expected to be initiated by the IRRAS’ US commercial organization in Q3 2019.
“This is a unique opportunity for IRRAS to strengthen its position and become a leader in the neurocritical care market. These innovative and proprietary products are a perfect fit to our product portfolio. In addition, we will use established InnerSpace sales channels to introduce IRRAflow to new customers,” said Kleanthis G. Xanthopoulos, Ph.D., President & CEO.
There are clear and immediate commercial synergies that will provide IRRAS with innovative solutions across the treatment spectrum in neurocritical care. Furthermore, the acquired patents and expertise will result in accelerated timeline and significantly reduced development costs of planned IRRAflow products.