Imricor Medical Systems’ A$29.7 Million Initial Public Offering


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 (Picture) and Clare Brown, supported by Senior Associates Scott Cummins, and Melanie Hemers, and Associates Jack Culbertson and Rebecca Proudman.

Involved fees earner: Clare Brown – Johnson Winter & Slattery; James Rozsa – Johnson Winter & Slattery;

Law Firms: Johnson Winter & Slattery;

Clients: Imricor Medical Systems;

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Author: Michael Patrini