MicroNet is a micron mesh sleeve that’s designed to wrap a stent and provide embolic protection in the treatment of complex vascular and coronary disease. InspireMD used the platform to develop the CGuard carotid embolic prevention system, among other devices.
Proceeds from the Israeli company’s $6.3 million offering are earmarked for the development and commercialization of the MicroNet technology. InspireMD is offering units of one share of stock and a Series E warrant, plus pre-funded units consisting of one pre-funded warrant to purchase one share and a Series E warrant.
The company authorized 155 million total shares, including 150 million in common stock.
InspireMD is also 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.
NSPR shares closed down -21.2% at $2.31 apiece yesterday.