Massachusetts device maker InspireMD (OTC:NSPR) has already closed a $10 million financing round and is hoping for $75 million more as the company looks to accelerate development of its MGuard embolic protection stents.
In separate announcements the InspireMD said this week that $10 million in venture debt financing, which it plans to use to boost clinical research and development efforts. The funding comes with a new 1-year stockholder rights plan, according to a company statement.
The company has enough cash on hand already, but is looking to boost its coffers in order to "increase the company’s access to capital to fund the expansion of our clinical studies and product development strategy, while limiting shareholder dilution," president & CEO Alan Milinazzo said in prepared remarks. "With this added capital, we can accelerate critical product development and clinical programs to expand our MicroNet therapeutic platform as well as facilitating ongoing discussions with potential strategic partners."
The $10 million round was secured through Hercules Technology Growth Capital.
In a separate statement InspireMD announced a $75 million common stock, preferred stock and warrants offering through which the company plans to sell its shares as needed over a period of 3 years. The offering is designed to "provide the company with flexibility to access additional capital when market conditions are appropriate," according to a press release.
InspireMD filed registration statements with the SEC, but the sale hasn’t yet taken effect.
NSPR stock closed last night at a 2.2% increase, trading at $3.28 per share.