InspireMD CEO Milinazzo, CTO Bar to bow out | Personnel Moves

InspireMD (OTC:NSPR) said today that it’s looking for a replacement for CEO Alan Milinazzo as it looks to drill down on the largest markets for its CGuard and MGuard stents, which are designed to help prevent blood clots that can cause stroke.

Milinazzo agreed to stay on until either a replacement is found or June 30, whichever comes 1st. The new CEO will be hired to grow sales in Europe and improve the balance sheet, InspireMD said.

The Boston-based company said also said it tapped as vice chairman biotech legend Isaac Blech, the founder of Celgene (NSDQ:CELG), ICOS Corp., Pathogenesis, Nova Pharmaceutical and Genetic Systems.

“We are very pleased to welcome Isaac Blech as vice chairman of InspireMD. Isaac’s experience as an industry pioneer, taking new technologies from development to commercialization, will be instrumental as we continue with our efforts to introduce and develop markets that leverage our proprietary MicroNet technology. We also welcome Isaac’s deep relationships and extensive professional network across multiple fields – including the financial, pharmaceutical, biotechnology and medical device communities – supporting our active efforts to validate our technology and capabilities,” chairman Sol Barer said in prepared rernarks. “Finally, we thank Alan Milinazzo for effectively taking the Company through its challenging transition. We are now well underway as we execute on our carotid and neurovascular strategy and look forward to announcing a new CEO who will focus the Company’s present efforts towards Europe, the heart of our current commercial activities.”

In a separate regulatory filing, InspireMD said R&D SVP and CTO Eli Bar will step down March 11.

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