InspireMD (Nasdaq:NSPR) announced today that it completed a full exercise of Series H warrants for proceeds of about $17.9 million.
Tel Aviv, Israel-based InspireMD exercised 12.9 million warrants, converting primarily into pre-funded warrants. The gross proceeds for the company, which has a U.S. base in Westin, Florida, total $16.9 million after fees.
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InspireMD’s warrants came as part of a $113.6 million private placement announced in May 2023. They became exercisable following the release of positive results related to one-year follow-up from the company’s C-GUARDIANS pivotal trial for its CGuard carotid stent system.
CGuard — designed to prevent stroke — received CE mark earlier this year. It utilizes the company’s MicroNet technology for strong acute results and durable, stroke-free, long-term outcomes.
Participating warrant holders included Marshall Wace, OrbiMed, Rosalind, Nantahala, Soleus, Velanand certain InspireMD board members.
“We are grateful for the continued support of these highly regarded healthcare investors, who have elected to exercise 100% of the available Series H warrants,” said CEO Marvin Slosman. “This capital strengthens our business and helps fuel our growth, including advancing our CGuard Prime Carotid Stent System through to potential FDA approval and U.S. launch in the first half of next year.
“Looking ahead, we are working to catalyze these milestones to continue building momentum toward commercialization, while advancing both our CAS and TCAR programs to address the broadest range of physicians and patient needs of any company within the field of carotid revascularization.”
