InspireMD CGuard
InspireMD, an Israeli medtech firm and the developer of the CGuard Embolic Prevention Stent System (EPS) for the prevention of stroke, has signed a securities purchase agreement with certain healthcare-focused institutional investors led by Marshall Wace with participation from OrbiMed, Rosalind, Nantahala, Soleus, Velan and certain InspireMD Board members that have agreed to provide up to $113.6 million in gross proceeds. The money will go to InspireMD through a private placement that includes initial upfront funding of $42.2 million.
Founded in 2005, InspireMD is a commercial-stage medical device company with proprietary stent designs with integrated embolic prevention systems (EPS) designed for delivering neurovascular protection and stroke prevention.
InspireMD says the CGuardTM Embolic Prevention System (EPS) is a novel mesh carotid stent designed to improve patient safety through sustained embolic protection. It combines the largest open-cell frame of available carotid stents with the smallest mesh pore size.
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InspireMD says that the company seeks to utilize its proprietary MicroNet technology to make its products the industry standard for carotid stenting by providing outstanding acute results and durable, stroke-free, long-term outcomes. InspireMD’s common stock is quoted on the Nasdaq under the ticker symbol NSPR.
“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.”
