Business
Inspira Technologies Announces 2021 Third Quarter Financial Results
In October 2021, Company increases cash balance by $9.4 Million due to investors Exercising Warrants; As of November 1, the company has $26 million in cash -
About this update from Qtrex Quantum Ltd.
[{"type":"text","content":"In October 2021, Company increases cash balance by $9.4 Million due to investors Exercising Warrants; As of November 1, the company has $26 million in cash\n - $16 million raised in the initial public offering (the \"IPO\") of 2,909,091 units at a price of $5.51 on July 16, 2021\n - $17 million in cash and cash equivalent as of September 30, 2021 (not including warrant exercises)\n - $26 million in cash as of November 1, 2021, including $9,377,500 via the exercise of 1,705,000 warrants at $5.50 per share.\n - Potential $66 million distribution agreement for ART in Europe: The Company has signed an agreement with the WAAS Group for the deployment of ART Systems in Spain and Portugal over a 7-year period, subject to regulatory approval\n\n\nRA'ANANA, Israel, Nov. 23, 2021 /PRNewswire/ -- Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN, IINNW) (the \"Company\" or \"Inspira Technologies\"), a groundbreaking respiratory support technology company, announced today its financial results for the third quarter ended September 30, 2021. \n\"We believe that the exclusive agreement signed with WAAS Group for the potential deployment of more than 1,000 ART systems in Spain and Portugal led our investors to express their support by exercising most of the warrants issued in our IPO at an exercise price of $5.50 per share. Due to the exercise of these warrants, the number of our outstanding ordinary shares has increased. This additional capital provides greater financial resources to support the Company's navigation of research and development, regulatory approval and the go-to-market pathway,\" stated Dagi Ben-Noon, Inspira Technologies' Chief Executive Officer.\nFinancial Results for the Nine Months Ended September 30, 2021\n \nResearch and development expenses for the nine months ended September 30, 2021 were $1.7 million, compared to $2.6 million for the corresponding period in 2020. The decrease is a result of lower share-based compensation expenses, partially offset by the coverage of certain development expenses by a grant from the Israeli Innovation Authority. \nMarketing expenses for the nine months ended September 30, 2021, were $391,000, as compared to none for the corresponding period in 2020. In 2021, the Company focused on marketing, brand awareness and exploring go-to-market capabilities. \nGeneral and administrative (G&A) exp...