InspireMD (NYSE:NSPR) said yesterday that it raised $14.6 million in a “best efforts” stock offering it plans to use to boost sales of its anti-stroke devices.
Boston-based InspireMD said the offering consisted of 442,424 shares of Series B stock convertible into 100 shares of common stock at 33¢ per share, with a 5-year cumulative dividend rate of 15% a year.
The offering also included warrants for more than 44.2 million shares of common stock at an exercise price of 20¢ per share, the company said.
The Series B stock and warrants went for $33 per share, leading to gross proceeds of roughly $14.6 million. InspireMD said it plans to use the cash to grow sales of its CGuard MGuard Prime embolic protection devices and to develop its pipeline of new products.
Dawson James Securities served as the sole placement agent, the company said.
The post InspireMD closes $15m offering appeared first on MassDevice.
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