InspireMD (OTC:NSPR) said today it is opening an underwritten public offering looking to bring in approximately $1.1 million through the sale of 1.9 million shares to support its CGuard EPS and MGuard Prime EPS.
The Boston-based company said it will offer up 1.9 million shares of common stock at 59¢ per share, with warrants issued for the purchase of up to an additional 950,000 shares of common stock for the same price for up to 5 years from the date of issuance.
InspireMD said it intends to use funds from the round to support sales activities related to its CGuard EPS and MGuard Prime EPS embolic protection devices, as well as for general corporate purposes, according to a press release.
The company expects the offering to close on March 21.
The company also announced a separate private placement of 1.1 million shares of stock and 550,000 shares at 59¢ per share, expecting to bring in another $600,000 from the offering.
The secondary offering will be offered to certain officers and directors, according to a press release from the company.
In December, InspireMD said it won European Union regulatory approval, including CE Mark approval, for the manufacturing and commercialization of its CGuard stent delivery catheter.
The approval also allows InspireMD to add-on manufacturing facilities for the device to enable more efficient work flow, the Boston-based company said.
InspireMD’s Carenet trial reported no strokes or stroke related deaths with the CGuard stent after 12 months, and duplex ultrasound analysis reported no changes in the in-stent velocities between 6 and 12 months, the company said.
The company won the approval through Dekra medical device certification, which includes CE mark approval and ISO 13485 quality management system approval for testing devices for sale in the EU.