Imricor raises A$29.7 million with IPO and funding


Johnson Winter & Slattery (JWS) acted as Australian legal counsel to Imricor Medical Systems, Inc. (Imricor) on its initial public offering of CHESS Depositary Interests (CDIs) and listing on the Australian Securities Exchange (ASX). JWS also advised Imricor on a pre-IPO round of financing.

Under the pre-IPO round and then the IPO and a concurrent placement, Imricor raised a total of A$29.7 million.  The IPO itself raised A$12.1 million and involved the issue of CDIs to Australian institutional and retail investors and to institutional investors in certain overseas jurisdictions.  The IPO was priced at A$0.83 per CDI and closed trading on its first day at A$1.45, an increase of 75%. 

Imricor is a U.S. based company, focused on designing, manufacturing and selling medical devices that can be used to carry out cardiac ablation procedures for the treatment of heart arrhythmias. Imricor’s primary product offering, the Vision-MR Ablation Catheter, is designed to work under real-time MRI guidance, with the intent of enabling higher procedure success rates along with a faster and safer treatment compared to conventional procedures using x-ray guided catheters.

The JWS team was led by Partners James Rozsa and Clare Brown, supported by Senior Associates Scott Cummins, and Melanie Hemers, and Associates Jack Culbertson and Rebecca Proudman.

James Rozsa said this was a great outcome for the client.

“The funds generated from this transaction will be used to enable the commercial launch of Imricor’s product portfolio allowing the company to enter the markets in Europe, Australia and the US. With this investment, Imricor will be one of the first companies to give patients with abnormal heart rates commercially viable MRI-compatible products.”

James Rozsa and Clare Brown have worked on multiple Australian IPOs and ASX-listings for a variety of US-domiciled issuers and together act for one of the largest portfolios of US-domiciled issuers on ASX.


About Johnson Winter & Slattery

Johnson Winter & Slattery is an independent national Australian law firm with over 60 partners and offices across Australia. We advise major Australian and international corporations and investment funds on their most challenging transactions and disputes across Australia and surrounding regions. Working closely with clients, knowing their business, and appreciating their commercial objectives, we tailor our approach to deliver cost-effective commercial outcomes. 

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