InspireMD has announced that it has raised approximately US$58 million in combined gross proceeds through an equity private placement (PIPE) financing and the exercise of warrants that were triggered by the company’s recent premarket application approval (PMA) of the CGuard Prime carotid stent system by the US Food and Drug Administration (FDA).
The PIPE—with aggregate gross proceeds of US$40.1 million—was led by current investors OrbiMed and Marshall Wace, with strong participation from new and existing investors, as well as InspireMD board members. Pursuant to the securities purchase agreement, the company has agreed to issue an aggregate of 16,556,184 shares of common stock and, if applicable, pre-funded warrants, at a purchase price of US$2.42 per share.
The warrant exercise generated gross proceeds of US$17.9 million, which was triggered by the receipt of the PMA from the US FDA. This is the second tranche of warrants that were originally issued as part of the company’s milestone-based financing announced in May 2023, an InspireMD press release notes.
“This transaction accomplished several key objectives to fund our growth plan as we launch CGuard Prime into the US market,” said Marvin Slosman, chief executive officer (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, favourable reimbursement environment including a national coverage decision (NCD) for carotid stenting and best-in-class clinical trial data generated from our pivotal US study recently resulting in PMA approval, InspireMD is now poised to become the leader of the carotid intervention market.”
In connection with the PIPE, InspireMD has entered into a registration rights agreement pursuant to which the company will subsequently file a registration statement to register the resale of common stock purchased in the transaction and the common stock underlying the pre-funded warrants.
InspireMD currently intends to use the net proceeds from this PIPE transaction to fund its operations, including—but not limited to—sales and marketing, research and development, and working capital and other general corporate purposes.
InspireMD also recently announced the appointment of Raymond W Cohen—a businessman and entrepreneur with more than 40 years of leadership experience in medical technology—to its board of directors.
Cohen was the CEO and co-founder of sacral neuromodulation (SNM) company Axonics, which he took public in late 2018 and led through its US$3.7 billion acquisition by Boston Scientific in November 2024. Until May 2025, Cohen served as chairman of SoniVie, a company focused on a device treatment for hypertension until it was also acquired by Boston for US$600 million. In addition, Cohen serves as an independent director for Kestra Medical and Spectrum Vascular, as well as chairman of Nalu Medical and vice chairman of Tulavi.
“The CGuard Prime stent system represents a true best-in-class innovation,” Cohen commented. “Moreover, the company’s singular focus, entrepreneurial agility and deep clinical commitment uniquely positions it to penetrate and lead the US carotid stent market. I’m looking forward to sharing my experiences scaling high-growth MedTech businesses to support Marvin and his team as they strive to execute with precision, capture market share and deliver sustained long-term value.”
