TEL-AVIV, Israel, June 27, 2011 /PRNewswire/ -- InspireMD, Inc. (OTC BB: NSPR) ("Inspire" or the "Company"), the developer of the MGuard™ mesh protective stent system, today announced it has signed a distribution agreement with IMPLANTA, a well-established Moscow-based supplier to medical centers throughout the Russian Federation.
Under terms of the agreement, ZAO Implanta will work to use its distribution network in the Russian Federation for the sale of InspireMD's MGuard™ coronary stent systems. ZAO Implanta is one of the major medical instrumentations and stent distributors in the Russian Federation and has representative offices in various regions and cities, including Vladivostok, Nizhny Novgorod, St. Petersburg, Samara, Yekaterinburg, Novosibirsk and Krasnodar. MGuard was launched at the 13th Moscow International Course on Vascular Diagnosis and Treatment of Congenital and Acquired Heart Diseases in Bakulev, Moscow. The Bakulev Scientific Center of Cardiovascular Surgery is one of the leading cardiovascular surgery-related facilities of the Russian Federation.
Sara Alon-Paz, Vice President of Sales of InspireMD commented, "As we continue to validate our technology, including the randomized trial currently underway, we are simultaneously building a world-class distribution network to position us to capture market share in the future. Adding a proven distributor like ZAO Implanta, with more than a dozen years in the market and a reputation for distributing the newest medical technologies, is in-line with our vision. We are excited about the potential in the Russian Federation market, and look forward to penetrating this growing region's market as we complete validation studies."
“IMPLANTA has a history of selecting the newest, unique and most advanced, technologies for distribution and we are excited to continue this by adding MGuard to our portfolio,” commented Mr. Petr A. Gukovskiy, Commercial Director at ZAO Implanta. “We are aware that there is an acute need for an improved solution for heart attack patients and our country is making giant steps to improve the treatment options. By 2013, our aim is to achieve primary PCI rates of more than 600 per one million inhabitants per year. We are confident that cardiologists throughout the Russian Federation will want to learn more about the advantages MGuard offers, for heart attack patients, and as InspireMD continues to clinically validate its technology, we believe interest will grow and the MGuard stent will take a significant share of the Russian market.”
About ZAO Implanta
ZAO Implanta was established in 1998. Their main activities are delivering innovative medical technologies to the Russian Federation Market, equipping health facilities with modern equipment and training of medical personnel. IMPLANTA offers medical products in the areas of arrhythmology, neurosurgery, cardiac surgery and vascular and has a network of seven regional offices in the Russian Federation: Vladivostok, Nizhny Novgorod, St. Petersburg, Samara, Yekaterinburg, Novosibirsk and Krasnodar.
About MGuard™ Coronary
MGuard™ is a combination of a coronary stent merged with an embolic protection specifically designed for Acute MI patients. The embolic protection is comprised of an ultra-thin polymer mesh sleeve that wraps the stent. The MGuard™ coronary seeks to provide permanent embolic protection, without affecting deliverability. MGuard™ is CE Mark approved. Mesh-based protection is now recommended for use in the recent Guidelines of the Task force of Myocardial Revascularization of the European Society of Cardiology (ESC).
About InspireMD Inc.
InspireMD is an innovative medical device company focusing on the development and commercialization of its proprietary stent system technology, MGuard™. InspireMD intends to pursue applications of this technology in coronary, carotid and peripheral artery procedures. InspireMD's common stock is listed on the OTC BB under the ticker symbol "NSPR".
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. 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 (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multi-national companies, (v) product liability claims, (vi) our limited manufacturing capabilities and reliance on subcontractors for assistance, (vii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (x) our reliance on single suppliers for certain product components, (xi) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) 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. 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, including the Company's Current Report on Form 8-K filed with the SEC on April 6, 2011. Investors and security holders are urged to read these documents free of charge on the SEC's web site at 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.
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