Business
InspireMD Announces Private Placement of Up to $113.6 Million
Led by Marshall Wace with participation from OrbiMed, Rosalind, Nantahala, Soleus, Velan and certain InspireMD Board members $42.2 million financing upfront
About this update from Inspiremd Inc.
[{"type":"text","content":"Led by Marshall Wace with participation from OrbiMed, Rosalind, Nantahala, Soleus, Velan and certain InspireMD Board members $42.2 million financing upfront with up to an additional $71.4 million tied to exercise of milestone-driven warrants TEL AVIV, Israel and MIAMI, May 15, 2023 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention Stent System (EPS) for the prevention of stroke, today announced that the Company has signed a securities purchase agreement with certain healthcare-focused institutional investors that have agreed to provide up to $113.6 million in gross proceeds to InspireMD through a private placement that includes initial upfront funding of $42.2 million. The financing is being led by Marshall Wace with participation from OrbiMed, Rosalind, Nantahala, Soleus, Velan and certain InspireMD Board members. “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,” stated Marvin Slosman, chief executive officer of InspireMD. “This infusion of capital allows us to advance our business towards achieving milestones, including obtaining potential regulatory approval and launching of CGuard in the U.S., 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 United States. “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.” About the Private Placement Pursuant to the securities purchase agreement, the Company has agreed to issue an aggregate of 25,828,164 shares of common stock (or prepaid warrants) and four series of unregistered warrants to purchase an aggregate of 51,656,328 shares of common stock for a purchase price of $1.6327 per share and associated warrants (less $0.0001 in the case of prepaid warrants), priced at-the-market under Nasdaq rules. Each warrant is exercisable at $1.3827 per share as follows: Series H warrants for an aggreg...