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InspireMD Inc Closes $25 Million Underwritten Public Offering


Tuesday, 16 Apr 2013 11:20am EDT 

InspireMD Inc announced the closing of an underwritten public offering of 12.5 million shares of its common stock at a price to the public of $2.00 per share. The Company received net proceeds of approximately $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 commercialization of the MGuard Coronary and Carotid Embolic Protection Stents (EPS), to pursue FDA approval in the United States, and for general corporate purposes. Following this offering, the Company will not have any indebtedness for borrowed money outstanding. Cowen and Company, LLC was sole book runner and JMP Securities acted as co-lead manager. 

Company Quote

2.5
0.02 +0.81%
11 Jul 2014