Business
InspireMD Reports First Quarter 2023 Financial Results and Provides Business Update
- Completed transformational private placement for up to $113.6 million, including $42.2 million upfront - - Generated Q1 2023 CGuard EPS revenue of $1.2
About this update from Inspiremd Inc.
[{"type":"text","content":" - Completed transformational private placement for up to $113.6 million, including $42.2 million upfront - - Generated Q1 2023 CGuard EPS revenue of $1.2 million, an increase of 6.7% over Q1 2022 despite the temporary expiration of the Company’s CE Mark certification until mid-March - - Resumed shipments of CGuard EPS to CE Mark territories under the pre-existing Medical Device Directive (MDD) regulatory framework; Anticipates re-certification under new Medical Device Regulation (MRD) framework in coming weeks - - Continued enrollment in the C-Guardian US IDE trial; on track to complete enrollment by end of Q2 2023 - - Management to host investor conference call today, May 16th, at 8:30am ET - TEL AVIV, Israel and MIAMI, May 16, 2023 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention System (EPS) for treatment of carotid artery disease (CAD) and prevention of stroke today announced financial and operating results for the first quarter ended March 31, 2023. First Quarter 2023 and Recent Developments: Successfully completed a transformational private placement of common shares, prepaid warrants and warrants for up to $113.6 million in gross proceeds, including $42.2 million upfront and additional proceeds of up to $71.4 million if milestone-driven warrants are exercised. Proceeds are intended to be used to advance the company’s business towards achieving several notable milestones, including obtaining potential regulatory approval and launch of CGuard in the U.S., initiating new regulatory pathways for advanced applications of its CGuard stent platform, and developing new products, while at the same time continuing to grow its business outside of the United States.Generated CGuard revenue for the first quarter 2023 of $1,239,064, a 6.7% increase over the same period in 2022. Shipments for the first half of the quarter were negatively impacted by the temporary expiration of the Company’s CE Mark. During the second half of the quarter, the CE Mark was reinstated under the MDD allowing the Company to resume shipments to EU countries. The Company continues to work through the backlog of orders resulting from the temporary CE Mark lapse.Sold 2,033 CGuard EPS stent systems in the first quarter of 2023, as compared to 1,910 in the first quarter of 2022, an increase of 6.4%. Announced that the...