Shares in vascular catheter specialist Imricor Medical Systems Inc (ASX: IMR) are lifting on Friday and now trade 6% higher at $1.05.
Investors are driving up the price of Imricor shares following a company announcement advising it has added another 2 institutions to the list of sites adopting its iCMR ablation solutions.
Imricor's lead product, the Vision-MR Ablation Catheter, is specifically designed to work under real-time MRI guidance, with the intent of enabling higher success rates along with a faster and safer treatment compared to conventional procedures.
It touts itself to be a leading innovator in the space, and with that in mind, let's take a look at what the company released today.
What did Imricor announce today?
The company announced that the German Heart Centre Berlin and the Charité Medical University Virchow-Klinikum campus, both in Berlin Germany, are the latest two institutions to adopt Imricor's iCMR ablation solutions.
Imricor says these new customers bring the total of Imricor sites to 13. The company has since signed an Equipment Purchase Agreement (EPA) with the German Heart Centre Berlin to outfit an existing CMR facility for iCMR procedures. Both institutions will then utilise the iCMR lab at the Heart Centre.
Both new customers will separately purchase Imricor's catheters and other consumables via a purchasing organisation called Sana Einkauf & Logistik Group Purchasing Organisation.
Imricor has already executed a Master Purchasing Agreement with Sana in April 2020, establishing pricing for the company's consumable products and making them available in the Sana catalogue for hospitals who purchase devices via this route.
The terms of this particular agreement sets pricing for the one-time purchase of capital equipment needed to outfit an iCMR lab at the German Heart Centre Berlin.
Imricor says the collaboration is significant as it is a "key strategic goal of Imricor to grow the number of sites performing realtime iCMR cardiac ablation procedures in Europe". Planning is underway for
procedures to commence in the first half of 2022, per the release.
Management commentary
Speaking on the announcement, Imricor's Chair and CEO, Steve Wedan said:
The addition of these two world-renowned institutions is a major step forward for Imricor, and we are very excited to add them to our customer base. These sites have well-established facilities and programs like the MRI Core Lab and the CMR-Academy and we look forward to growing and deepening our relationships and collaborations with them in the coming months and years.
The Imricor share price has slipped almost 53% in the last 12 months after sliding another 53% this year to date.
In the past month, it has also plunged over 22%. Thus, any gains from today are a welcomed reprieve for shareholders.
