Imricor (IMR: $0.29) is seeking to introduce a new standard-of-care in cardiac ablation procedures. That involves using MRI rather than x-ray to guide the procedures which arguably provides better real-time, functional information on how best to correct irregular heart function.
According to Imricor CEO Steve Wedan, one of the lessons learned by the company from its commercialisation efforts in Europe is that it has been a challenge to borrow time from radiology to perform the ablation procedures with an MRI machine. The emphasis now is to encourage ablation centres to build a dedicated iCMR lab whereby the MRI machine is owned by the cardiology department. This takes longer to achieve said Wedan with the capital purchase of the MRI machine also a hurdle. But Wedan believes this is the best way to move forward. Wedan started Imricor in 2006 based on technology that was pioneered in 1995.
The first market application has been in the treatment of atrial flutter (AF) on the right side of the heart, which is a relatively easy ablation procedure. In Europe the company has gained approval for AF procedures following a clinical study in 34 patients which achieved 100% success. This year the company is planning a 91 patient AF study in the US.
A major inflection point for the company will be when it can show the utility of the technology in the ablation procedures to treat ventricular tachycardia on the left side of the heart. A European study in VT is due to commence shortly in Germany and the Netherlands which will seek to recruit 64 patients.
Pilot studies this year in the treatment of atrial fibrillation will also be important for the company. Atrial fibrillation accounts for the largest number of ablation procedures. Using MRI to guide ablation is expected to help identify for the first time the longevity of lesions (to better guide lesion selection).
In 2022, Imricor generated sales of US$0.8 million (up 17%). It added three dedicated sites in Europe that use its consumables with nine sites currently active in Europe. Its cash balance was US$5.7 million at the end of last year.
Bioshares recommendation: Speculative Hold Class B
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