Israeli stent co InspireMD raises up to $113m

InspireMD Stent credit: InspireMD
InspireMD Stent credit: InspireMD

InspireMD seeks to utilize its proprietary MicroNet technology to make its products the industry standard for carotid stenting.

Israeli stent company InspireMD (Nasdaq: NSPR) surprised the market last week when it completed a private placement of up to $113.6 million ($42 million cash and the rest in warrants) even though it had a market cap of just $12 million. This unusual financing is being led by the LifeSci investment bank with participation from Marshall Wace, OrbiMed, Rosalind, Nantahala, Soleus, Velan and certain InspireMD Board members. The company is based in the US and Israel with some of its stents made in Israel.

Following the announcement the company's share price jumped but then fell back and currently has a market cap of $15 million.

InspireMD seeks to utilize its proprietary MicroNet technology to make its products the industry standard for carotid stenting by providing outstanding acute results and durable, stroke-free, long-term outcomes.

InspireMD CEO Marvin Slosman said, "We are very pleased to have achieved this important milestone with leading fundamental healthcare investors who have chosen to participate in this transformational financing of our company. This infusion of capital allows us to advance our business towards achieving milestones, including obtaining potential regulatory approval and launching of CGuard in the US, initiating new regulatory pathways for advanced applications of our CGuard stent platform, and developing new products, while at the same time continuing to grow our business outside of the US."

He added, "Advancing our growing product pipeline, including our new CGuard Prime Transfemoral (CAS) delivery system along with our SwitchGuard trans carotid (TCAR) neuroprotection system (NPS), positions our company to serve the entire carotid revascularization market, continuing our mission of delivering implant focused patient outcomes."

Published by Globes, Israel business news - en.globes.co.il - on May 21, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

InspireMD Stent credit: InspireMD
InspireMD Stent credit: InspireMD
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