InspireMD to Commence Trading as a Public Company Under Ticker Symbol "NSPR"
TEL AVIV, Israel, May 5, 2011 /PRNewswire/ -- InspireMD, Inc. (OTC BB: NSPR) ("Inspire" or the "Company"), the developer of the MGuard™ mesh protective stent system, announced today that it has been approved by FINRA to have its stock quoted on the Over-the-Counter Bulletin Board (OTCBB) under the symbol "NSPR".
In addition, on March 31, 2011, InspireMD concluded a $9.7 million PIPE offering in which (i) it raised approximately $9.0 million of cash and (ii) approximately $0.7 million worth of debentures were converted. In connection with the PIPE, InspireMD issued 6,454,002 shares of common stock and five year warrants purchasing up to 3,226,999 shares of common stock at an exercise price of $1.80 per share. On April 18, 2011, InspireMD raised an additional $1,425,000, issuing 950,000 shares and 475,000 warrants.
Palladium Capital Advisors LLC, acted as the placement agent for the capital raise and advised the company on the merger.
InspireMD, through its subsidiaries, is a high growth medical device company focusing on the development and commercialization of its proprietary stent platform technology: MGuard™. The Company has created a patent-pending micron mesh technology that wraps a stent, addressing embolic protection thereby reducing Major Adverse Cardiac Events [MACE] by filtering debris and minimizing vessel injury by distributing strut pressure. MGuard™ has been implanted in thousands of patients with encouraging clinical results in Europe and Latin America. MGuard™ is a solution for high-risk Acute Coronary Syndrome (heart attack) patients - a market of over two million patients per year. The Company received CE Mark approval in Europe and has distribution agreements in more than 30 territories, including Europe, Asia, Australia, Brazil, the Far East, India, and South America. The Company is currently conducting a randomized trial in Europe, Latin America and South Africa, chaired by Dr. Gregg Stone, to sup