InspireMD is facing a potential de-listing from the New York Stock Exchange after reporting stockholders’ equity of less than $6 million as of June 30 and net losses for the last five years. The company reported a net loss of -$2.07 million or -$1.26 for the quarter ended Sept. 30, 2019.
The company’s board of directors has appointed medtech industry veteran Marvin Slosman as new CEO, effective January 1, 2020. Slosman will also replace Barry on the company’s board of directors.
Slosman most recently served as a business consultant to Integra LifeSciences, overseeing commercial strategy and market development for the company’s international business. Before that, he was president of Itamar Medical. Slosman previously was CEO of privately held Ovalum and of Phormax Medical. He was senior EVP and chief commercial officer at Emerge Interactive and worked in senior commercial leadership positions at Johnson & Johnson, GE Healthcare and Baxter.
“Together with my fellow board members, I would like to welcome Marvin to the InspireMD team and look forward to his leadership and guidance as the company enters it’s next phase of growth,” said InspireMD chairman Paul Stuka. “We believe Marvin is a proven leader with significant medical technology experience and is the perfect fit to further advance development of CGuard EPS through development in the U.S. while continuing to expand our commercial presence abroad.”
InspireMD’s CGuard embolic prevention system is indicated for the prevention of stroke caused by carotid artery disease.
“We made many important advancements in the business as well as the ongoing development and commercialization of CGuard during Jim’s tenure,” Stuka added. “I would like to thank him for his tireless work and many contributions to get us to this point and wish him the best as he begins the next chapter in his professional career.”
“Throughout my career in medical technology I have had the privilege of contributing to the development and commercialization of many life changing innovations, and I believe CGuard EPS fits well within this category,” Slosman said. “There exists a significant and growing body of clinical evidence demonstrating the superiority of CGuard relative to most other carotid artery disease treatment options, and we believe we have significant opportunity in front of us to greatly expand the availability of this technology to physicians and patients. We will continue to work vigorously toward this goal.”
Barry thanked the company and its directors and said the company has “established a solid foundation from which to drive future growth and success.”
NSPR was trading down 3.73% at $0.85 per share in after-hours trading.