InspireMD raises US$25 million to support commercialisation of MGuard EPS
InspireMD has closed an underwritten public offering of 12.5 million shares of its common stock at a price to the public of US$2.00 per share. The company received net proceeds of approximately US$22.6 million, after deducting underwriting discounts and commissions and other offering-related costs. InspireMD granted the underwriters a 30-day option to purchase up to an additional 1.875 million shares to cover over-allotments, if any. The company intends to use a portion of the proceeds from the offering to assist in retiring its convertible debentures, to support the worldwide commercialisation of the MGuard coronary and carotid embolic protection stents, to pursue FDA approval in the US, and for general corporate purposes.