Infraredx S-1 Analysis

Infraredx Basic Info

Exchange: NASDAQ

Proposed Symbol: REDX

State of Inc: DE

Employees: 130

CEO: Donald Southard

IPO Date: 1/30/15

Price Range: $13-15

Shares offered: 4 mm

Offer Amount: $56 mm

Description from S-1: “We are a cardiovascular imaging company advancing the diagnosis and treatment of coronary artery disease, the world’s leading cause of death according to the World Health Organization. In 2012, we completed a 13-year development effort and began commercializing a U.S. Food and Drug Administration, or FDA, cleared optical catheter that utilizes near-infrared spectroscopy, or NIRS, to determine if a patient has cholesterol-rich, lipid core coronary plaques, or LCPs. Our optical catheter also includes an intravascular ultrasound, or IVUS, that shows the structure of the plaque, while NIRS provides information on the lipid content of the plaque, including the presence or absence of a LCP in an individual patient. LCPs are known to complicate stenting procedures, and are suspected to be the vulnerable plaques that cause most heart attacks. Our dual-modality NIRS-IVUS True Vessel Characterization Imaging System, or TVC System, is designed to provide physicians with information that has the potential to improve patient clinical outcomes through more tailored treatments.”

From the S-1

Underwriters:

  • Lead Underwriters: RBC Capital Markets, Canaccord Genuity, BMO Capital Markets, Oppenheimer, and BTIG

2014 Sales: $5 mm

Total Assets: $21.17 mm

Market Cap: $199.4 mm

Competitors: Boston Scientific, Volcano Corporation, St. Jude Medical, ACIST Medical Systems, and Terumo Corporation.

Other Notes

  • Based in Burlington, MA
  • Founded in 1998
  • They make a coronary imaging device that detects the buildup of plaque thought to cause heart attacks.
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