InspireMD brings in $58M, adds former Axonics CEO to board

 InspireMD (Nasdaq:NSPR) announced today that it raised approximately $58 million and added an experienced executive to its board.

In addition to a significant equity private placement (PIPE) financing and warrant exercise, the company appointed Raymond W. Cohen to its board of directors. Cohen brings more than 40 years of leadership experience to the InspireMD board.

The PIPE, led by OrbiMed and Marshall Wace, brings in aggregate gross proceeds of $40.1 million. InspireMD also agreed to issue an aggregate of more than 16.5 million shares of common stock and, if applicable, pre-funded warrants. Priced at $2.42 per share, the exercise generated gross proceeds of $17.9 million, triggered by the company’s recent FDA premarket approval for the CGuard Prime carotid stent.

InspireMD expects the PIPE to close by Aug. 1, 2025. It plans to use proceeds to fund operations, including sales and marketing, R&D and working capital and other general purposes.

“This transaction accomplished several key objectives to fund our growth plan as we launch CGuard Prime into the U.S. market,” said Marvin Slosman, 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, favorable reimbursement environment including a national coverage decision (“NCD”) for carotid stenting and best in class clinical trial data generated from our pivotal U.S. study recently resulting in PMA approval, InspireMD is now poised to become the leader of the carotid intervention market.”

InspireMD adds Cohen to the board

In adding Raymond W. Cohen to the board of directors, the company brings on a former medtech executive with decades of leadership experience and a successful track record of scaling commercial operations and creating shareholder value.

“We are thrilled to welcome Ray to InspireMD’s board of directors,” said Slosman. “We expect to benefit greatly from his vast insights and experience. His operational acumen, strategic vision, and experience driving transformative growth brings a unique perspective that will strengthen our execution and sharpen our long-term value-creation strategy. Following the recent PMA approval of our CGuard Prime carotid stent system, we have quickly shifted our focus to our commercial launch and providing our CGuard Prime therapy to patients and we look forward to working with Ray to enable these goals.”

Cohen previously served as CEO and co-founder of Axonics, which he took public in 2018. He led the company through its acquisition by Boston Scientific for $3.7 billion last year.

Following the sale, Cohen retired from Axonics and joined the board of SoniVie. He played a role in last month’s $600 million sale of the renal denervation technology developer, again to Boston Scientific. Cohen also serves on the board of Kestra Medical Technologies, which makes a wearable defibrillator system. Kestra went public through a $202 million IPO last month. He joined the board of Nalu Medical as its chair in April as well.

Before Axonics, Cohen served as CEO of Vessix Vascular and Cardiac Science (later acquired by Zoll).

“The CGuard Prime stent system represents a true best-in-class innovation. Moreover, the Company’s singular focus, entrepreneurial agility, and deep clinical commitment uniquely positions it to penetrate and lead the U.S. carotid stent market,” said Cohen. “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.”

https://www.massdevice.com/inspiremd-raises-58m-adds-cohen-board/