The Tel Aviv-based medical device company makes the MGuard device, designed to protect against embolism after stenting procedures.
InspireMD said it plans to put the $22.6 million in net proceeds from the sale of 12.5 million shares at $2 per to a variety of uses.
Apart from retiring some debt, the company plans to use the cash to fund further commercialization for its MGuard carotid stent system, which won CE Mark approval in the European Union last month, according to a regulatory filing.
InspireMD said it also plans to use the money to pursue U.S. approval of the coronary and carotid devices and "for general corporate purposes," according to the filing.
"Following this offering, the company will not have any indebtedness for borrowed money outstanding," InspireMD said.
NSPR shares were trading at $1.95 apiece as of about noon today, up 1.0%.
Zoll, Reflectance Medical ink pact to develop combat monitor
Zoll Medical (NSDQ:ZOLL) and Reflectance Medical inked a pact to develop and market a "ruggedized" version of Reflectance’s Mobile CareGuide sensor for detecting shock during air and ground transport for military and civilian patients. The device is designed to monitor tissue metabolism to determine undetected internal bleeding leading to shock.
MiMedx issues $6M in shares in Surgical Biologics earnout
MiMedx (OTC:MDXG) said it issued nearly 1.21 million shares of stock worth about $5.8 million for "earn-out consideration related to the acquisition of Surgical Biologics" based on "a formula determined by sales and certain expenses" during 2012. MiMedx acquired Surgical Biologics and its AmnioFix technology in 2011.
Terumo signs distribution deals with BSD Medical, Nonin Medical
Terumo Corp. (TYO:4543) signed distribution deals with BSD Medical Corp. (NSDQ:BSDM) and Nonin Medical. The deal with BSD covers sales of that company’s MicroThermX microwave ablation system in 100 countries in Europe, Western Asia, and Northern Africa. The deal with Nonin covers distribution of that firm’s Equanox 7600 oximetry system in the U.S.
U.S. Defense Dept. doles out medtech contracts
The U.S. Defense Dept. issued contracts for a variety of medical technologies to 4 companies, including an $86 million deal with Combat Medical Systems for tactical medical equipment; a $41.5 million contract modification for Dental Health Products for general dental supplies; another modification worth $23.2 million for Henry Schein (NSDQ:HSIC) for lab supplies; and another lab supplies contract modification for Cardinal Health (NYSE:CAH) worth $18.6 million.
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- Amgen (NSDQ:AMGN): Citi boosts earnings estimates through 2014, sets $133 price target.
- Baxter (NYSE:BAX): Leerink Swann reiterates “outperform” rating, increases price target to $78 from $74;
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- Becton Dickinson & Co. (NYSE:BDX): Deutsche Bank maintains “hold” rating, raises price target to $94.
- Boston Scientific (NYSE:BSX): Deutsche Bank raises price target from $7.20 to $7.90; “hold” rating;
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- Edwards Lifesciences (NYSE:EW): Leerink Swann maintains “outperform” rating, $100 price target
- Haemonetics (NYSE:HAE): Zacks Equity Research downgrades back to “neutral” rating
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- Johnson & Johnson (NYSE:JNJ): Leerink Swann reiterates “outperform” rating, raises price target to $88 from $80.
- Life Technologies (NSDQ:LIFE): Piper Jaffray reiterates “neutral” rating, raises price target from $63 to $76.
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- Optos plc (LON:OPTS): N+1 Singer reiterates “sell” rating; £1.50 ($2.30) price target
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- Varian Medical (NYSE:VAR): Morgan Stanley downgrades to “underweight” rating, $65 price target.