The funds will allow the firm to complete pre-submission testing of the ArthroFree minimally invasive camera system
Medical device and technology firm Indago has secured $10m in financing for its ArthroFree wireless camera system.
The company has also announced that it is changing its name to Lazurite Holdings, with immediate effect.
The Cleveland-based firm will use the funds to complete pre-submission testing of the ArthroFree system, as well as submit the device to secure clearance from the US Food and Drug Administration (FDA).
ArthroFree is claimed to be the world’s first fully wireless minimally invasive camera system platform developed for the operating room.
Designed to be compatible with current operating room technology, ArthroFree will help eliminate the risks related to fibre-optic cables and cable management by surgical assistants.
The funds will also help the company to develop a range of additional products and expand its intellectual property portfolio.
Lazurite aims to submit its 510(k) premarket notification for ArthroFree by the end of this year. It anticipates to secure the FDA approval to introduce the product in the first half of next year.
Lazurite founder and CEO Eugene Malinskiy said: “We are excited to have closed the financing round and look forward to using the funds to help move ArthroFree through the FDA and continuing the development of our suite of follow-on products.
“With the close of the financing round, we also are excited to announce the company’s new name and to welcome Michael Salerno to our Board. Michael’s depth of knowledge and experience in capital raising in the health care company space will be invaluable to us as we continue to grow Lazurite and expand our product base.”
To date, Lazurite has secured up to $18m from institutional investors, high-net-worth individuals, and over 50 physicians.
The company’s portfolio also consists of ORFree fully wireless mobile minimally invasive surgical camera platform, as well as other products based on its novel and patented Meridiem light engine technology.