InspireMD Announces Full Exercise of Series H Warrant Tranche for Gross Proceeds of $17.9 Million
InspireMD announced the full exercise of 12.9 million Series H warrants, raising $17.9 million in gross proceeds and $16.9 million after fees. This follows positive one-year outcomes from the C-GUARDIANS pivotal trial of the CGuard Carotid Stent System. The warrant holders include notable healthcare investors like Marshall Wace and OrbiMed. This funding is part of a larger $113.6 million private placement announced in May 2023. CEO Marvin Slosman highlighted that the capital will be used to advance the CGuard Prime Carotid Stent System towards FDA approval and its U.S. launch in 2024, aiming to cater to a broad range of physicians and patient needs.
- InspireMD raised $17.9 million from the full exercise of 12.9 million Series H warrants.
- The capital will help advance the CGuard Prime Carotid Stent System towards FDA approval and U.S. launch in 2024.
- Positive one-year outcomes from the C-GUARDIANS pivotal trial boosted investor confidence.
- Remaining funding amounting to $96.7 million is still contingent on future milestones.
Insights
The completion of the full exercise of Series H warrants, raising
From a financial perspective, the immediate cash inflow will likely aid in offsetting operational costs, allowing the company to focus on its strategic initiatives without the immediate need for additional financing. For retail investors, it is worth noting the backing by reputable investment firms, which may be seen as a vote of confidence in the company's technology and future potential. However, investors should remain mindful of the dilution effect on existing shares due to warrant conversions.
The positive outcomes from the one-year follow-up of the C-GUARDIANS pivotal trial are a promising indicator of the efficacy and safety of the CGuard Carotid Stent System. This device aims to prevent strokes by addressing embolic events, a significant medical need. The CGuard system is described as offering superior short and long-term patient outcomes, distinguishing it from competing products in the carotid stent market. The successful execution of the Series H warrants can be attributed to these compelling clinical results, which are likely key drivers for investor confidence.
Clinically, the focus now shifts to the potential FDA approval and subsequent U.S. market launch. If approved, the CGuard system could fill a critical gap in the market for embolic prevention in carotid artery disease. Retail investors should consider the broader implications of the device's success in clinical trials, as it may lead to widespread adoption and a strong competitive position in the market for stroke prevention technologies.
Series H warrants exercisable following release of positive outcomes results related to one-year follow-up from the Company’s C-GUARDIANS pivotal trial.
Participating warrant holders include Marshall Wace, OrbiMed, Rosalind, Nantahala, Soleus, Velan, and certain InspireMD Board members.
Represents first of four milestone-driven warrant tranches pursuant to private placement financing of up to
TEL AVIV, Israel and WESTIN, Fla., July 01, 2024 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention Stent System (EPS) for the prevention of stroke, today announced the completion of the full exercise of 12.9 million Series H warrants. The Series H warrants were converted primarily into pre-funded warrants. The gross proceeds to the company from the warrant exercise were
The Series H warrants were issued as part of the transformational private placement financing of up to
Marvin Slosman, chief executive officer of InspireMD, stated, “We are grateful for the continued support of these highly regarded healthcare investors, who have elected to exercise
About InspireMD, Inc.
InspireMD seeks to utilize its proprietary MicroNet® technology to make its products the industry standard for carotid stenting by providing outstanding acute results and durable, stroke-free long-term outcomes. InspireMD’s common stock is quoted on the Nasdaq under the ticker symbol NSPR.
We routinely post information that may be important to investors on our website. For more information, please visit www.inspiremd.com.
Forward-looking Statements
This press release contains “forward-looking statements.” Forward-looking statements include, but are not limited to, statements regarding InspireMD or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential”, “scheduled” or similar words. Examples of such statements include, but are not limited to, statements relating to the C-Guardians U.S. IDE clinical trial, including one-year results from such trial presented at LINC 2024, as well as the timing and outcome of any subsequent results, PMA or potential launch, and statements relating to expectations regarding future warrant exercises or expected proceeds therefrom. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with our history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives, and substantial doubt regarding our ability to continue as a going concern; our need to raise additional capital to meet our business requirements in the future and such capital raising may be costly or difficult to obtain and could dilute out stockholders’ ownership interests; market acceptance of our products; an inability to secure and maintain regulatory approvals for the sale of our products; negative clinical trial results or lengthy product delays in key markets; our ability to maintain compliance with the Nasdaq listing standards; our ability to generate revenues from our products and obtain and maintain regulatory approvals for our products; our ability to adequately protect our intellectual property; our dependence on a single manufacturing facility and our ability to comply with stringent manufacturing quality standards and to increase production as necessary; the risk that the data collected from our current and planned clinical trials may not be sufficient to demonstrate that our technology is an attractive alternative to other procedures and products; intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; entry of new competitors and products and potential technological obsolescence of our products; inability to carry out research, development and commercialization plans; loss of a key customer or supplier; technical problems with our research and products and potential product liability claims; product malfunctions; price increases for supplies and components; insufficient or inadequate reimbursement by governmental and other third-party payers for our products; our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful; adverse federal, state and local government regulation, in the United States, Europe or Israel and other foreign jurisdictions; the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction; the escalation of hostilities in Israel, which could impair our ability to manufacture our products; and current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Contacts:
Craig Shore
Chief Financial Officer
InspireMD, Inc.
888-776-6804
craigs@inspiremd.com
Chuck Padala, Managing Director
LifeSci Advisors
646-627-8390
chuck@lifesciadvisors.com
investor-relations@inspiremd.com
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