TEL AVIV, Israel, May 5, 2011 /PRNewswire/ — InspireMD, Inc.
(OTC BB: NSPR) (“Inspire” or the “Company”), the developer of the
MGuard™ mesh protective stent system, announced today that it
has been approved by FINRA to have its stock quoted on the
Over-the-Counter Bulletin Board (OTCBB) under the symbol
“NSPR”.
In addition, on March 31, 2011, InspireMD concluded a $9.7
million PIPE offering in which (i) it raised approximately $9.0
million of cash and (ii) approximately $0.7 million worth of
debentures were converted. In connection with the PIPE, InspireMD
issued 6,454,002 shares of common stock and five year warrants
purchasing up to 3,226,999 shares of common stock at an exercise
price of $1.80 per share. On April 18, 2011, InspireMD raised an
additional $1,425,000, issuing 950,000 shares and 475,000
warrants.
Palladium Capital Advisors LLC, acted as the placement agent for
the capital raise and advised the company on the merger.
InspireMD, through its subsidiaries, is a high growth medical
device company focusing on the development and commercialization of
its proprietary stent platform technology: MGuard™. The
Company has created a patent-pending micron mesh technology that
wraps a stent, addressing embolic protection thereby reducing Major
Adverse Cardiac Events [MACE] by filtering debris and minimizing
vessel injury by distributing strut pressure. MGuard™ has
been implanted in thousands of patients with encouraging clinical
results in Europe and Latin America. MGuard™ is a solution
for high-risk Acute Coronary Syndrome (heart attack) patients – a
market of over two million patients per year. The Company received
CE Mark approval in Europe and has distribution agreements in more
than 30 territories, including Europe, Asia, Australia, Brazil, the
Far East, India, and South America. The Company is currently
conducting a randomized trial in Europe, Latin America and South
Africa, chaired by Dr. Gregg Stone, to sup
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