InspireMD raises $23M for MGuard stent | Wall Street Beat

April 22, 2013 by Brad Perriello

InspireMD nets nearly $23 million from a public stock offering, saying it plans to use the proceeds to pursue U.S. approval of its MGuard coronary and carotid stents. Wall Street Beat

InspireMD (OTC:NSPR) said it added some $23 million to its coffers in a public stock offering.

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.

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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%.