InspireMD Announces Expected Retirement of its CFO Craig Shore and CFO Transition in 2025

Rhea-AI Summary

InspireMD (NSPR) announced that Chief Financial Officer Craig Shore will retire after 15 years with the company. Shore will remain in his position until a successor is appointed and will assist in the transition. The announcement comes as the company anticipates potential FDA approval in the first half of 2025 for its CGuard™ Embolic Prevention Stent System.

CEO Marvin Slosman praised Shore's commitment to building the company's position as a global leader in carotid interventions. Shore expressed confidence in the company's future growth trajectory and its leadership in carotid intervention and stroke prevention. The company has initiated a search for a new CFO.

Positive

• Planned orderly CFO transition with incumbent staying until successor is appointed
• Potential FDA approval for CGuard™ EPS expected in first half of 2025

Negative

• None.

MIAMI, Dec. 12, 2024 (GLOBE NEWSWIRE) -- InspireMD, Inc. (Nasdaq: NSPR), developer of the CGuard™ Embolic Prevention Stent System (EPS) for the prevention of stroke, today announced that Craig Shore, Chief Financial Officer, has decided to retire from the Company after a successor CFO is identified and appointed. Mr. Shore will remain as CFO until his successor is appointed and will assist in a smooth and orderly transition.

Marvin Slosman, Chief Executive Officer of InspireMD, commented, “Craig has served the company for 15 years with a tireless commitment to building our business as a global leader in carotid interventions. As we advance our priorities, including potential U.S. FDA approval in the first half of 2025, along with a heightened focus on the investment community, Craig made this decision confident in the future of the company and understanding the needs of a growing global business. On behalf of the entire InspireMD organization and Board of Directors, I would like to thank Craig for his contribution to our success for the past 15 years. It has been a pleasure working alongside Craig for the past five of those years, and I look forward to him continuing to be a part of our team during this important transition.”

“It has been a tremendous opportunity to contribute to the transformation of InspireMD from an early-stage growth company to a maturing leader in the field of carotid intervention and stroke prevention. The next chapter for the company will be an exciting time as the business grows and I have full faith in the pathway to success. I look forward to my personal next chapter and proud to have been a part of this remarkable journey,” noted Mr. Shore.

The Company has initiated a search to identify its next Chief Financial Officer.

About InspireMD, Inc.
InspireMD seeks to utilize its proprietary MicroNet^® technology to make its products the industry standard for carotid stenting by providing outstanding acute results and durable, stroke-free long-term outcomes. InspireMD’s common stock is quoted on the Nasdaq under the ticker symbol NSPR.

We routinely post information that may be important to investors on our website. For more information, please visit www.inspiremd.com.

Forward-looking Statements
This press release contains “forward-looking statements.” Forward-looking statements include, but are not limited to, statements regarding InspireMD or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential”, “scheduled” or similar words. Forward-looking statements include, but are not limited to, statements regarding InspireMD or its management team’s or directors’ expectations, hopes, beliefs, intentions or strategies regarding future events, future financial performance, strategies, expectations, competitive environment and regulation, including potential U.S. commercial launch. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the company’s control, and cannot be predicted or quantified and consequently; actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with our history of recurring losses and negative cash flows from operating activities, significant future commitments and the uncertainty regarding the adequacy of our liquidity to pursue our complete business objectives, and substantial doubt regarding our ability to continue as a going concern; our need to raise additional capital to meet our business requirements in the future and such capital raising may be costly or difficult to obtain and could dilute our stockholders’ ownership interests; market acceptance of our products; an inability to secure and maintain regulatory approvals for the sale of our products; negative clinical trial results or lengthy product delays in key markets; our ability to maintain compliance with the Nasdaq listing standards; our ability to generate revenues from our products and obtain and maintain regulatory approvals for our products; our ability to adequately protect our intellectual property; our dependence on a single manufacturing facility and our ability to comply with stringent manufacturing quality standards and to increase production as necessary; the risk that the data collected from our current and planned clinical trials may not be sufficient to demonstrate that our technology is an attractive alternative to other procedures and products; intense competition in our industry, with competitors having substantially greater financial, technological, research and development, regulatory and clinical, manufacturing, marketing and sales, distribution and personnel resources than we do; entry of new competitors and products and potential technological obsolescence of our products; inability to carry out research, development and commercialization plans; loss of a key customer or supplier; technical problems with our research and products and potential product liability claims; product malfunctions; price increases for supplies and components; insufficient or inadequate reimbursement by governmental and other third-party payers for our products; our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful; adverse federal, state and local government regulation, in the United States, Europe or Israel and other foreign jurisdictions; the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction; the escalation of hostilities in Israel, which could impair our ability to manufacture our products; and current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Contacts:

Craig Shore
Chief Financial Officer
InspireMD, Inc.
888-776-6804
craigs@inspiremd.com

Chuck Padala, Managing Director
LifeSci Advisors
646-627-8390
chuck@lifesciadvisors.com
investor-relations@inspiremd.com

FAQ

When is InspireMD (NSPR) CFO Craig Shore retiring?

Craig Shore will retire after a successor CFO is identified and appointed, with the transition expected in 2025.

When does InspireMD (NSPR) expect FDA approval for CGuard™ EPS?

InspireMD expects potential FDA approval for the CGuard™ Embolic Prevention Stent System in the first half of 2025.

How long has Craig Shore served as CFO at InspireMD (NSPR)?

Craig Shore has served at InspireMD for 15 years.

What is InspireMD's (NSPR) plan for CFO succession?

InspireMD has initiated a search for a new CFO, with Craig Shore remaining in position until a successor is appointed and assisting in the transition.