Business
InspireMD Reports Second Quarter 2023 Financial Results and Provides Business Update
- Completed transformational private placement for up to $113.6 million, including $42.2 million upfront – - Completed enrollment in the C-Guardians US IDE
About this update from Inspiremd Inc.
[{"type":"text","content":"- Completed transformational private placement for up to $113.6 million, including $42.2 million upfront – - Completed enrollment in the C-Guardians US IDE trial; on track to announce primary and secondary endpoints and, if successful, submit PMA application in H2 2024 – - Generated Q2 2023 CGuard EPS revenue of $1.6 million, an increase of nearly 10% over Q2 2022 – --Management to host investor conference call today, August 8, at 8:30am ET-- TEL AVIV, Israel, and MIAMI, Aug. 08, 2023 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention Stent System (EPS) for treatment of carotid artery disease and prevention of stroke today announced financial and operating results for the second quarter ended June 30, 2023. Second 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 upon exercise of milestone-driven warrants.Completed enrollment in the C-Guardians Investigational Device Exemption (IDE) Clinical Trial. The Company anticipates announcing primary and secondary endpoints and, if successful, submitting a Premarket Approval (PMA) application to FDA in the second half of 2024.Announced the first-in-human cases successfully performed with its CGuard Prime CAS stent delivery platform as part of C-Guardians trial enrollment.Generated record CGuard revenue for the second quarter 2023 of $1,649,000, a 9.6% increase over the same period in 2022 and a 33% increase over the first quarter of 2023.Sold 2,804 CGuard EPS stent systems in the second quarter of 2023, as compared to 2,602 in the second quarter of 2022, an increase of 7.8%, and compared to 2,033 in the first quarter of 2023, an increase of 38%. Marvin Slosman, CEO of InspireMD, commented: “Our second quarter was marked by several transformational milestones for our business, including the financing of up to $113.6 million that we announced in May. This capital allows us to advance our business towards multiple value-creating milestones, including obtaining potential regulatory approval of and launching our CGuard stent system in the U.S., initiating regulatory pathways for new advanced indications for CGuard, and developing new ...