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%.
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Analysts’ ups and downs
- Abbott (NYSE:ABT): Barclays reiterates “equal weight” rating; Credit Suisse initiates coverage with "neutral" rating, $40 price target; Deutsche Bank raises price target from $33 to $35; Leerink Swann reiterates "market perform" rating, raises price target to $40 from $32-$34.
- Amgen (NSDQ:AMGN): Citi boosts earnings estimates through 2014, sets $133 price target.
- Baxter (NYSE:BAX): Leerink Swann reiterates “outperform” rating, increases price target to $78 from $74;
- Piper Jaffray maintains "overweight" rating, raises price target to $81.
- Becton Dickinson & Co. (NYSE:BDX): Deutsche Bank maintains “hold” rating, raises price target to $94.
- Boston Scientific (NYSE:BSX): Deutsche Bank raises price target from $7.20 to $7.90; “hold” rating;
- JMP Securities reissues "market outperform" rating; $9 price target; Morgan Stanley initiates coverage with "overweight" rating.
- Edwards Lifesciences (NYSE:EW): Leerink Swann maintains “outperform” rating, $100 price target
- Haemonetics (NYSE:HAE): Zacks Equity Research downgrades back to “neutral” rating
- Intuitive Surgical (NSDQ:ISRG): Leerink Swann lowers price target to ~$560 from $580, maintains “market perform” rating; SunTrust reaffirms "buy" rating, $649 price target.
- Johnson & Johnson (NYSE:JNJ): Leerink Swann reiterates “outperform” rating, raises price target to $88 from $80.
- Life Technologies (NSDQ:LIFE): Piper Jaffray reiterates “neutral” rating, raises price target from $63 to $76.
- Mako Surgical (NSDQ:MAKO): Leerink Swann maintains “market perform” rating, raises price target to $14 from $12-$13.
- Medtronic (NYSE:MDT): Deutsche Bank raises price target from $46 to $51; “hold” rating; TheStreet reissues "buy" rating.
- Optos plc (LON:OPTS): N+1 Singer reiterates “sell” rating; £1.50 ($2.30) price target
- Smith & Nephew (FTSE:SN, NYSE:SNN): Deutsche Bank reaffirms “hold” rating, $638 price target; JPMorgan Chase reiterates "neutral" rating, sets £7.09 ($10.88) price target.
- St. Jude Medical (NYSE:STJ): Barclays reiterates “overweight” rating; Deutsche Bank maintains "buy" rating, raises price target to $52; Deutsche Bank maintains "buy" rating, raises price target to $52; Leerink Swann maintains "outperform" rating, ~$50 price target.
- Thermo Fisher (NYSE:TMO): Jefferies raises price target from $80 to $95, maintains “buy” rating.
- Varian Medical (NYSE:VAR): Morgan Stanley downgrades to “underweight” rating, $65 price target.
