Business
Inspira™ Technologies Reports First Quarter 2023 Financial Results
As of March 31, 2023, the Company had $11.5 million in cash, cash equivalents, and short-term bank deposits RA'ANANA, Israel, May 18, 2023 /PRNewswire/ --
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[{"type":"text","content":"As of March 31, 2023, the Company had $11.5 million in cash, cash equivalents, and short-term bank deposits\nRA'ANANA, Israel, May 18, 2023 /PRNewswire/ -- Inspira Technologies OXY B.H.N. Ltd. (Nasdaq: IINN) (Nasdaq: IINNW) (the \"Company\" or \"Inspira Technologies\"), a company aiming to revolutionize acute respiratory care, announced today its financial results for the first quarter ended March 31, 2023.\nDagi Ben-Noon, Chief Executive Officer of Inspira Technologies, stated: \n\"We believe that this is a very important period for the Company, as we continue to progress towards the regulatory submission of the New ALICETM Device with the U.S. Food and Drug Administration (FDA) in the coming months. This is in addition to the ongoing clinical studies of the HYLATM non-invasive blood sensor currently underway at Sheba Medical Center in Israel. The progress of these devices represents important building blocks of our flagship INSPIRATM ART system, which is advancing in the development process.\"\nHighlights:\nMay 11, 2023 – We announced that we are developing the VORTX™ Blood Oxygenator, a disposable oxygenator unit (kit) that uses a unique technology for saturating blood with oxygen and removing carbon dioxide. The VORTX is being designed to be sold separately to an addressable market currently estimated at $1.16 billion as well as being made compatible with our INSPIRA ART system and ALICE device.March 22, 2023 - We announced a First in Human of HYLA™ Blood Sensor in a clinical study. We also announced the first use of the HYLATM in a patient undergoing open-heart surgery at Sheba Medical Center in Israel.February 13, 2023 - We announced that we received approval from Sheba Medical Center to conduct a clinical study of the HYLA™ Blood Sensor.January 23, 2023 - We announced that we were granted a patent by the U.S. Patent Office for the INSPIRA™ ART System's Convertible Dual Lumen Cannula Device and Method of Use. All 20 claims were found to be novel, with inventive step and industrial applicability.Financial Results for the Three Months Ended March 31, 2023\nResearch and development expenses for the three months ended March 31, 2023, were $2.0 million, compared to $1.5 million for the corresponding period in 2022. The increase is a result of the Company's recruitment of employees and the expanded research and development of it...