Israel Stent Society Inspire® (Nasdaq: NSPR) surprised the market last week by completing a private placement of up to $113.6 million ($42 million in cash and the rest in warrants), even though its market capitalization was only of $12 million. This unusual financing is led by investment bank LifeSci with participation from Marshall Wace, OrbiMed, Rosalind, Nantahala, Soleus, Velan and select InspireMD board members. The company is based in the United States and Israel, and some of its stents are manufactured in Israel.
Following the announcement, the company’s stock price jumped but then fell and currently has a market capitalization of $15 million.
InspireMD seeks to use its proprietary MicroNet technology to make its products the industry standard for carotid stenting by providing exceptional acute results and durable, stroke-free, long-term results.
InspireMD CEO Marvin Slosman said, “We are very pleased to have reached this important milestone with leading fundamental healthcare investors who have chosen to participate in this transformational financing of our company. This capital injection allows us to advance our business towards achieving important milestones, including obtaining potential regulatory approval and the launch of CGuard in the United States, opening up new regulatory pathways for advanced applications of our stent platform CGuard and develop new products, while continuing to expand our business outside of the United States. »
He added, “Advancing our growing product portfolio, including our new CGuard Prime Transfemoral (CAS) delivery system as well as our SwitchGuard trans-carotid neuroprotection (TCAR) system, positions our company to serve the entire carotid revascularization market, furthering our mission. to deliver outcomes for implant-focused patients. »
Published by Globes, Israel business news – en.globes.co.il – May 21, 2023.
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