Inspira Technologies OXY, which is developing minimally invasive devices for mechanical ventilation, announced terms for its IPO on Monday.
The Tel-Aviv, Israel-based company plans to raise $17 million by offering 2.8 million shares at a price range of $5.50 to $6.50. At the midpoint of the proposed range, Inspira Technologies OXY would command a fully diluted market value of $89 million.
The company's lead product is the augmented respiration technology (ART) system, a novel respiratory support system comprised of a minimally invasive, portable dual lumen cannula which is inserted into the jugular vein and utilizes extra-corporeal direct blood oxygenation to elevate and stabilize declining oxygen saturation levels. Its ART system is currently in development, has not been tested in humans, and has not been cleared or approved by the FDA.
Inspira Technologies OXY was founded in 2018 and plans to list on the Nasdaq under the symbol IINN. The Benchmark Company is the sole bookrunner on the deal.
