Sources inform "Globes" that stent developer InspireMD Inc. is in the process of listing for over the counter (OTC) trading in New York. The company declined to comment on the report.
InspireMD is looking to raise about $10 million, apparently at a company value near $100 million. The fund raising will apparently be private, but when completed the company the will be registered for trade. In early 2010, the company looked to raise $15 million on the Tel Aviv Stock Exchange (TASE), but ultimately cancelled the offering.
InspireMD's MGuard is based on a stent which is wrapped with an expandable mesh net, which expands during deployment. InspireMD believes the net reduces the risk of plaque rupture, preventing embolisms.
The company has said its revenue is around $5 million per year, from distribution deals in Europe, Asia, and South America. The company does not yet have marketing approval in the US.
Published by Globes [online], Israel business news - www.globes-online.com - on April 5, 2011
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