Business
Inspira Technologies Announces First Half 2021 Financial Results and Provides Business Update
- Ended the first half of 2021 with cash and cash equivalents of $4,355,000 - On the path to develop potential strategic collaborations for Inspira's key
About this update from Qtrex Quantum Ltd.
[{"type":"text","content":"- Ended the first half of 2021 with cash and cash equivalents of $4,355,000\n - On the path to develop potential strategic collaborations for Inspira's key components of the ART system\n - By the year end, the Company expects to increase its workforce by up to 100%\n\n\nRA'ANANA, Israel, Aug. 13, 2021 /PRNewswire/ -- Inspira Technologies OXY B.H.N. Ltd (Nasdaq: IINN) (Nasdaq: IINNW) (the \"Company\" or \"Inspira\"), a specialty medical device company engaged in the research, development, manufacturing and marketing of proprietary respiratory support technologies, announced today its financial results as of and for the six months ended June 30, 2021. The Company has also released a corporate update.\n \n \n\"In order to achieve our Go-To-Market objective, we are exploring potential possibilities for partnerships with leading medical device companies, manufacturers, and distributors,\" said Dagi Ben-Noon, Inspira's CEO and one of its Co-Founders. \"We estimate that our Augmented Respiration Technology (ART) system has a total potential addressable market of $25 billion. We plan to target the 20 million patients admitted to Intensive Care Units (ICUs) each year who are being placed on mechanical ventilation. We have developed a \"razor, razor blade\" business model, under which we expect disposable sales to grow with the future mass deployment of our ART system,\" Mr. Ben-Noon added.\nFirst Half 2021 and Subsequent Corporate Highlights\nCompleted a successful initial public offering (the \"IPO\") on the Nasdaq Capital Market of the Company's ordinary shares and certain warrants under the ticker symbols \"IINN\" and \"IINNW\", respectively, raising gross proceeds of $16 million. The Company introduced an innovative microbubbles platform with the potential to extend oxygenation and prevent blood clotting when integrated into the ART system. This new technology is being developed through collaborative research with Ben-Gurion University of the Negev. The Company announced the expansion of its Medical Advisory Board with the appointment of Dr. Dekel Stavi, M.D., an intensive care physician and thought leader in blood oxygenation technology. Dr. Stavi is currently on staff at the Interdepartmental Division of Critical Care, University of Toronto. By the year end, the Company plans to increase its workforce by up to 100%. New employees w...