University Hospitals Ventures to Expand Collaboration with Lazuritetm and Invest in the Company

Medical device and technology company Lazurite Holdings LLC today announced a new phase of collaboration with University Hospitals (UH) Ventures, the innovation and commercialization arm of University Hospitals Health System in Cleveland, which will include an investment from UH Ventures. The amount and details of the investment were not specified.

This past August, Lazurite announced its collaboration with UH Ventures on a human factors study of the ArthroFreetm system and said it hoped the study would be the beginning of a broader, longer-term collaboration.

"This partnership is a great example of the way in which we can work to progress technologies from our local region. We look forward to exploring clinical studies with the Lazurite team and continuing to expand the relationship," said David Sylvan, President of UH Ventures.

The ArthroFreetm system is expected to be the first wireless surgical camera system for the minimally invasive operating room approved by the U.S. Food and Drug Administration (FDA). The system incorporates the company's proprietary low-heat, high-intensity Meridiemtm light technology along with advanced camera, battery, and wireless transmission technologies. The system is designed to deliver improved operating room productivity, patient safety, and economic value through cost-savings, energy efficiency, and reduced setup/breakdown times. The modular system also is designed to be fully drop-in compatible with current operating room technology. Approval by the FDA is expected by mid-year 2022.

"We are excited to have UH Ventures as an investor and to work with UH's surgeons and surgical staff as our partners in additional studies and research related to the ArthroFreetm system and future products we are developing," said Lazurite President Leah Brownlee. "I believe this collaboration will be critical to our success and will further advance University Hospitals' reputation as an innovative leader in advancing new medical technology."

The ArthroFreetm system will be available for viewing and hands-on demonstration at three upcoming conferences:

The Annual Meeting of the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES), March 16-19, in Denver (Booth 202)

The Annual Meeting of the American Academy of Orthopaedic Surgeons (AAOS), March 22-26, in Chicago (Lazurite Booth 2305)

The Annual Conference & Expo of the Association of periOperative Registered Nurses (AORN), New Orleans, March 19-23 (Booth 7252)

The ArthroFreetm wireless surgical camera system has not yet received FDA clearance and is not currently approved for human use. It is not intended for commercial distribution; orders cannot be accepted at this time.

About UH Ventures

UH Ventures is the innovation and commercialization arm of University Hospitals (UH), a comprehensive health system with annual revenues in excess of $5.0 billion, 23 hospitals (including 5 joint ventures), more than 50 health centers and outpatient facilities, and over 200 physician offices located throughout 16 counties. UH's goal is to be the most trusted health care partner in Northeast Ohio and UH Ventures furthers this objective by shaping new products, services, experiences, and companies that improve the lives of patients and caregivers. To advance the UH mission, UH Ventures strives to support a diverse portfolio of value-adding opportunities in health care, enhance the distinct and unique capabilities of the system, and foster a culture of discovery, innovation, and entrepreneurship within UH and the larger community. For caregivers, UH Ventures provides the tools and resources needed to nurture, validate, and advance ideas sparked by day-to-day insights. For potential partners, UH Ventures seeks to be a dynamic living laboratory where both clinical and product insights can help accelerate emerging technologies tackling health care's most pressing problems. For more information, visit https://ventures.uhhospitals.org. Follow UH Ventures on LinkedIn.

About Lazurite

Lazurite (formerly Indago) is a pre-revenue medical device startup company backed by private capital. The company has raised more than $18 million to date from institutional investors, family offices, and more than 50 physician champions. The Cleveland-based company (est. 2015) designs devices to set new operating-room standards for efficiency and patient safety. Lazurite's ArthroFreetm System is expected to be the first FDA-approved, wireless camera system for minimally invasive surgery. (FDA approval is expected in mid-2022.) The ArthroFree System will eliminate camera and light wires implicated in patient infections, burns, and costly post-operative care. Lazurite's current product pipeline includes devices that incorporate their patented camera technology and laser light technology. Lazurite's technologies are protected by a comprehensive intellectual property portfolio encompassing the ArthroFree wireless surgical camera system and the novel Meridiem light source as well as other products currently in development. For more information, see: https://lazurite.co.

Forward Looking Statements

This press release includes "forward-looking statements." Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," "may," "should," "will," "designed," "milestone," and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our regulatory submission and clearance timelines for ArthroFreetm. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Lazuritetm, ArthroFreetm, and Meridiemtm are trademarks of Lazurite Holdings LLC.