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Inspira Technologies Announces First Half 2021 Financial Results and Provides Business Update


RA’ANANA, Israel, Aug. 13, 2021 /PRNewswire/ — Inspira Technologies OXY B.H.N. Ltd (Nasdaq: IINN) (Nasdaq: IINNW) (the “Company” or “Inspira”), a specialty medical device company engaged in the research, development, manufacturing and marketing of proprietary respiratory support technologies, announced today its financial results as of and for the six months ended June 30, 2021. The Company has also released a corporate update.

 

Inspira Technologies Logo

 

“In order to achieve our Go-To-Market objective, we are exploring potential possibilities for partnerships with leading medical device companies, manufacturers, and distributors,” said Dagi Ben-Noon, Inspira’s CEO and one of its Co-Founders. “We estimate that our Augmented Respiration Technology (ART) system has a total potential addressable market of $25 billion. We plan to target the 20 million patients admitted to Intensive Care Units (ICUs) each year who are being placed on mechanical ventilation. We have developed a “razor, razor blade” business model, under which we expect disposable sales to grow with the future mass deployment of our ART system,” Mr. Ben-Noon added.

First Half 2021 and Subsequent Corporate Highlights

  • Completed a successful initial public offering (the “IPO”) on the Nasdaq Capital Market of the Company’s ordinary shares and certain warrants under the ticker symbols “IINN” and “IINNW”, respectively, raising gross proceeds of $16 million
  • The Company introduced an innovative microbubbles platform with the potential to extend oxygenation and prevent blood clotting when integrated into the ART system. This new technology is being developed through collaborative research with Ben-Gurion University of the Negev.
  • The Company announced the expansion of its Medical Advisory Board with the appointment of Dr. Dekel Stavi, M.D., an intensive care physician and thought leader in blood oxygenation technology. Dr. Stavi is currently on staff at the Interdepartmental Division of Critical Care, University of Toronto.
  • By the year end, the Company plans to increase its workforce by up to 100%. New employees will be recruited to support the expansion and further development of the Company’s activities and capabilities.

Financial Results for the Six Months Ended June 30, 2021

  • Cash, cash equivalents, and short-term bank deposits were $4,355,000 as of June 30, 2021, compared to $496,000 as of December 31, 2020. The increase mainly reflects proceeds received from certain investments through the convertible loan agreements (the “CLAs”) and simple agreements for future equity (the “SAFEs”).
  • Research and development expenses for the six months ended June 30, 2021 were $1,104,000, compared to $1,456,000 for the corresponding period in 2020. The decrease is a result of lower share-based compensation expenses, partially offset by the Israeli Innovation Authority’s coverage of certain development expenses.
  • Marketing expenses for the six months ended June 30, 2021 were $244,000. As opposed to 2020, in 2021, the Company focused on marketing, brand awareness and exploring Go-To-Market capabilities.
  • General and administrative expenses for the six months ended June 30, 2021 were $1,210,000, compared to $840,000 for the corresponding period in 2020. The increase is attributed to corporate expenses, legal and professional fees in preparation for the IPO as well as capital raising fees for the CLA and SAFE agreements.
  • Finance expense for the six months ended June 30, 2021 was $5,732,000, compared to $2,052,000 for the corresponding period in 2020. The increase is attributed to change of $5,471,000 in the fair value of the convertible notes and warrants.
  • Net loss for the six months ended June 30, 2021 was $8,290,000, compared to a net loss of $4,348,000 for the six months ending June 30, 2020.
  • As of June 30, 2021, shareholders equity totaled $9,565,000, compared to $1,704 as of December 31, 2020.

Inspira Technologies OXY B.H.N. Ltd.

Inspira Technologies is an innovative medical technology company in the respiratory treatment arena. The Company has developed a breakthrough Augmented Respiration Technology (ART), which it believes will elevate and stabilize patient oxygen saturation levels. The Company’s ART technology potentially allows patients to remain awake during treatment while minimizing the use of the highly invasive, risky and costly mechanical ventilation systems that require medically induced coma. The Company’s product has not yet been tested or used in humans and has not been approved by the U.S. Food and Drug Administration (FDA).

For more information, please visit our corporate website: 

https://inspira-technologies.com/

Forward-Looking Statement Disclaimer

This press release contains express or implied forward-looking statements pursuant to U.S. Federal securities laws. For example, the Company is using forward-looking statements when it discusses that Inspira is exploring potential possibilities for partnerships with leading medical device companies, manufacturers, and distributors, that Inspira is planning to target the 20 million patients admitted to ICUs each year who are being placed on mechanical ventilation, that the Company’s disposable sales are expected to grow with mass deployment of its ART system, and that the Company plans to increase its workforce by up to 100%. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Registration Statement on Form F-1 filed with the SEC, which is available on the SEC’s website, www.sec.gov.

For more details:

Miri Segal, Investor Relations, MS-IR LLC

+917-607-8654, msegal@ms-ir.com

 

UNAUDITED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

(US dollars in thousands)




June 30,



December 31,




2021



2020




Unaudited





ASSETS









Current Assets:









Cash and cash equivalents



4,355




496


Other accounts receivable



1,228




188


Total current assets



5,583




684











Non-Current Assets:









Right of use assets, net



232




258


Property, plant and equipment, net



79




45


Total non-current assets



311




303


Total Assets



5,894




987













June 30,



December 31,




2021



2020




Unaudited





LIABILITIES AND SHAREHOLDERS’ DEFICIT









Current Liabilities:









Trade accounts payables



9




3


Other accounts payable



467




549


Lease liabilities



206




180


Warrants and convertible note



14,282




219


Total current liabilities



14,964




951











Non-Current Liabilities:









Lease liabilities



37




95


Convertible note






1,273


Loan from the Israeli Innovation Authority



458




372


Total non- current liabilities



495




1,740











Deficit:









Share capital and premium



8,091




8,053


Foreign exchange reserve



(668)




(635)


share base compensation



3,138




2,714


Accumulated deficit



(20,126)




(11,836)


Total deficit



(9,565)




(1,704)


Total Liabilities And Deficit



5,894




987


 

 

UNAUDITED CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

(US dollars in thousands)




Six month

period ended

June 30,
 


Six month

period ended

June 30,
 



2021


2020



Unaudited 


Unaudited 

Research and development expenses


1,104


1,456






Marketing expenses


244


General and administrative expenses


1,210


840

Operating loss


2,558


2,296

Finance expense


5,732


2,052

Loss before tax


8,290


4,348

Taxes on income



Loss for the period


8,290


4,348

Other comprehensive loss, net of tax:





Items that will not be reclassified to profit or loss:





Exchange losses arising on translation to presentation currency


33


15

Total comprehensive loss for the period


8,323


4,363

 

 

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(US dollars in thousands)

For the six month period ended June 30, 2021 (Unaudited):




Share

capital



Adjustments

arising from

translating

financial

operation



Grant

options



Accumulated

deficit



Total


Balance at January 1, 2021



8,053




(635)




2,714




(11,836)




(1,704)


Changes during the period:





















Loss for the year












(8,290)




(8,290)


Other comprehensive loss






(33)










(33)


Total comprehensive loss






(33)








(8,290)




(8,323)


Options Exercise



38







(38)








Share base compensation









462







462


Balance at June 30, 2021



8,091




(668)




3,138




(20,126)




(9,565)


 

 

Cision View original content:https://www.prnewswire.com/news-releases/inspira-technologies-announces-first-half-2021-financial-results-and-provides-business-update-301355041.html

SOURCE Inspira Technologies



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