Inspire Medical Systems (NYSE:INSP) announced today that it raised $10.7 million and named Phil Ebeling as its new chief operating officer.
According to a news release, Inspire entered into an underwriting agreement on June 3 with A.G.P./Alliance Global Partners in the offering of more than 7.6 million units consisting of one share of Inspire’s common stock and one Series F warrant to purchase a share, plus nearly 14.6 million pre-funded units that included one pre-funded warrant and one Series F warrant.
Underwriters also had a 45-day option to purchase up to an additional 3.3 million shares of common stock at 45¢ per share and/or up to 3.3 million additional Series F warrants. The offering closed on June 5 with the underwriter option exercised nearly in full, yielding gross proceeds of $11.5 million, turning into net proceeds worth $10.7 million.
The obstructive sleep apnea (OSA) therapy developer intends to use the net proceeds for research and development, sales and marketing, working capital and other general corporate purposes.
Along with the completed funding round, Inspire appointed industry veteran Phil Ebeling as its new COO, with responsibilities including oversight and leadership of operations, quality assurance, clinical research, regulatory affairs and business development activities.
Ebeling most recently served as VP & chief technology officer at Abbott (NYSE:ABT) after it acquired St. Jude Medical. He served for 10 years total between the two companies as a member of the executive team and corporate officer with both. He also spent 12 years in multiple senior positions at Boston Scientific (NYSE:BSX).
“I am thrilled to join the dynamic team at Inspire during this exciting period of robust growth highlighted by the recent positive advancements in reimbursement,” Ebeling said in a news release. “The ongoing development of Inspire therapy and future implementation of many product enhancements position the company well for continued success, and I look forward to contributing to Inspire’s mission of serving the many patients with untreated OSA.”