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DESCRIPTION OF BUSINESS
6 Months Ended
Dec. 31, 2013
DESCRIPTION OF BUSINESS [Abstract]  
DESCRIPTION OF BUSINESS

NOTE 1 - DESCRIPTION OF BUSINESS

 

InspireMD, Inc., a Delaware corporation (the "Company"), together with its subsidiaries, is a medical device company focused on the development and commercialization of its proprietary stent platform technology, MGuard™. MGuard provides embolic protection in stenting procedures by placing a micron mesh sleeve over a stent. The Company's initial products are marketed for use in patients with acute coronary syndromes, notably acute myocardial infarction (heart attack) and saphenous vein graft coronary interventions (bypass surgery). The Company markets its products mainly through distributors in international markets, predominantly in Europe and Latin America.

 

The Company has successfully raised funds in the capital markets and through loans:

 

On April 16, 2013, the Company consummated an underwritten public offering, The aggregate net proceeds of the Offering to the Company were approximately $22.6 million, after the underwriters' commissions and offering expenses (See Note 9).

 

On October 23, 2013 the Company entered into a Loan and Security Agreement and Warrant agreement in the aggregate net amount of $9.8 million (See note 6).

 

The Company has an accumulated deficit as well as a net loss and negative operating cash flows in the current year.  The Company anticipates that such losses will continue until its Mguard™ products reach commercial profitability.  Management of the Company presently anticipates that it has sufficient resources to fund operations through December 31, 2014. Management believes that the continued successful commercialization of the Mguard™ product line together with financing through the Company "At-the-Market" equity program ,see Note 9f, although there is no assurance such funds will be generated, should be sufficient to fund its current and planned operations into the second quarter of 2015.

 

If the Company is unable to successfully commercialize its MGuard™ products or obtain sufficient future financing from its "At-the-Market" equity program, the Company will be required to delay some of its planned research and development programs as well as curtail, discontinue or, in the extreme case, cease operations.