InspireMD Increases Geographic Penetration; MGuard Stent is Now Available in India
TEL AVIV, Israel, May 12, 2011 /PRNewswire/ -- InspireMD, Inc. (OTC BB: NSPR) ("Inspire" or the "Company"), the developer of the MGuard™ mesh protective stent system, is happy to announce that MGuard is now available in India. MGuard, InspireMD's flagship product is India's first mesh-based coronary stent system and received a very warm welcome by the local cardiology community.
InspireMD will distribute the MGuard stent through KTPL, one of the leading suppliers of high-tech medical equipment in India. KTPL has already closed an initial order for the MGuard stent in India.
"Indians have one of the highest mortality and morbidity rates from Coronary artery disease (CAD) as compared to other ethnic groups and we are confident that the MGuard mesh-based coronary stent system will become a very valuable new tool in the Indian cath labs, in which AMI patients are the vast majority," stated Asher Holzer, PhD President of InspireMD. "For the past two years, MGuard has met with much success in Europe and in South America. India possesses highly qualified interventional cardiologists and well-equipped hospitals, and I have full confidence that the country's cardiologists will welcome this new solution to distal embolization, one of the most common side effects in PCI procedures during AMI. We are also very glad to be teaming up with Kirloskar Technologies, a most capable partner and distributor of well known international manufacturers of high tech medical equipment in India. The initial order demonstrates the viability of this market and Kirloskar's commitment to making the MGuard a success in India."
Prof. Yaron Almagor from the Jesselson Heart Center, Shaare Zedek Medical Center, Jerusalem, was recently invited to India to present the MGuard technology.
"We have had good experience with MGuard in preventing distal embolization in heart attack patients in my center and we were pleased to learn that recently, the European Society of Cardiology (ESC) published in their guidelines that the use of mesh-based protection may be considered for PCI of highly thrombotic or SVG lesions," commented Prof. Almagor. "I am confident that the MGuard coronary stent system will help reduce complications and improve the outcome in these types of high risk patients in India as all around the world."
"KTPL has created an exclusive division comprising of a team of committed personnel to provide the MGuard Coronary Stent System at the customer doorstep in Delhi, Mumbai, Trivandrum, Kolkata, Chandigarh, Lucknow, Hyderabad, Bengaluru, Chennai, Pune and North East. KTPL has made arrangements to deliver MGuard even in smaller towns," said Amardeep Sethi, CEO, Kirloskar Technologies.
About MGuard™ Coronary
MGuard™ presents a novel 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 stent provides 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). The MGuardTM innovative concept has enjoyed an enthusiastic welcome from leading interventional cardiologists around the world.
About Kirloskar Technologies P. Ltd.
Kirloskar Technologies is today one of the leading suppliers of high-tech medical equipments in India. It is part of the 100-year-old, multi-billion dollar Kirloskar Group. Kirloskar Technologies has over 250 installations in 175 major government hospitals, medical colleges and private hospitals. Their business philosophy revolves around providing solutions to the customers.
About InspireMD Ltd.
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 payors 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 assumed no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Company Contact:www.inspire-md.comJonina OhayonMarketing Directorjonina@inspire-md.comOTC BB: NSPR
Investor Contact:Jeffrey StanlisPartner, Hayden IRjeff@haydenir.com(602) 476-1821