InspireMD (NYSE:NSPR) announced today that it entered into an underwriting agreement to raise $10.7 million.
According to a news release, InspireMD entered into the underwriting agreement on June 3 with A.G.P./Alliance Global Partners in the offering of more than 7.6 million units consisting of one share of InspireMD’s common stock and one Series F warrant to purchase a share, plus nearly 14.6 million pre-funded units that included one pre-funded warrant and one Series F warrant.
Underwriters also had a 45-day option to purchase up to an additional 3.3 million shares of common stock at 45¢ per share and/or up to 3.3 million additional Series F warrants. The offering closed on June 5 with the underwriter option exercised nearly in full, yielding gross proceeds of $11.5 million, turning into net proceeds worth $10.7 million.
The maker of the MicroNet, a micron mesh sleeve that’s designed to wrap a stent and provide embolic protection in the treatment of complex vascular and coronary disease, intends to use the net proceeds for research and development, sales and marketing, working capital and other general corporate purposes.