Indago, the Cleveland-based medical device and technology company, has raised $10 million in debt financing and changed its name to Lazurite Holdings LLC.
The company will use its convertible note financing to complete regulatory testing of ArthroFree — a wireless, minimally invasive camera system designed for the operating room — and to submit the device for Food and Drug Administration clearance, Lazurite said in a press release.
Lazurite also will use the financing to develop a diverse pipeline of products and expand the company’s intellectual property portfolio, the company said.
The renamed company plans to submit its premarket notification for ArthroFree in late 2021 and expects to receive FDA approval to launch the product in the first half of 2022, it said.
Lazurite also has appointed Michael Salerno, managing partner of AUA Capital Management in West Conshohocken, Pennsylvania, to its board of directors. AUA Capital was the lead investor in Lazurite's financing round.
Salerno is a former managing director of QFS Asset Management, a global alternative asset manager specializing in quantitative investment strategies. He also is a former general partner of Select Capital Ventures, a fund focused on providing growth capital to health care-oriented companies, Lazurite said.
"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," said Eugene Malinskiy, Lazurite's CEO and founder, in his company's release.
Lazurite is a pre-revenue medical device startup backed by private capital. The company has raised about $18 million to date from institutional investors, high-net-worth individuals and more than 50 physicians.
In addition to ArthroFree, Lazurite has developed ORFree, a wireless, mobile, minimally invasive surgical camera platform, both of which are based on the company's patented Meridiem low-heat, high-intensity light technology.
