InspireMD raised approximately $58 million and added an experienced executive to its board.
In addition to a significant equity private placement (PIPE) financing and warrant exercise, the carotid stent system developer appointed Raymond W. Cohen to its board of directors. Cohen brings more than 40 years of leadership experience to the InspireMD board.
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The PIPE, led by OrbiMed and Marshall Wace, brings in aggregate gross proceeds of $40.1 million. InspireMD also agreed to issue an aggregate of more than 16.5 million shares of common stock and, if applicable, pre-funded warrants. Priced at $2.42 per share, the exercise generated gross proceeds of $17.9 million, triggered by the company’s recent FDA premarket approval for the CGuard Prime carotid stent.
InspireMD expects the PIPE to close by Aug. 1, 2025. It plans to use proceeds to fund operations, including sales and marketing, R&D and working capital and other general purposes.
“This transaction accomplished several key objectives to fund our growth plan as we launch CGuard Prime into the U.S. market,” said Marvin Slosman, CEO of InspireMD. “We fortified our shareholder base, broadened our investor reach and significantly strengthened our balance sheet, giving us the ability to rapidly expand our commercial growth. With a strong balance sheet, favorable reimbursement environment including a national coverage decision (“NCD”) for carotid stenting and best in class clinical trial data generated from our pivotal U.S. study recently resulting in PMA approval, InspireMD is now poised to become the leader of the carotid intervention market.”
