TEL AVIV May 8 Israeli medical devices company InspireMD NSPR.OB, which has developed a protective cardiac stent system, said on Sunday it received approval to list its shares on the over-the-counter bulletin board in the United States.
It also raised $11 million in an offering of shares and five-year warrants to purchase shares at an exercise price of $1.80 a share.
The company has developed MGuard, a micron mesh technology that wraps a stent, reducing major adverse cardiac events by filtering debris and minimising vessel injury. MGuard has been implanted in thousands of patients with encouraging clinical results in Europe and Latin America, the company said.
MGuard is targeted at high-risk heart attack patients -- a market of over 2 million people per year.
Asher Holzer, co-founder and president of InspireMD, said the money raised will be used to complete clinical trials in the United States, where the company is seeking approval from the Food and Drug Administration.
"As a U.S. listed public company, we believe that we will enjoy increased visibility, improving our ability to penetrate the market," he said in a statement. (Reporting by Tova Cohen)