InspireMD Inc NSPR stock rallied Monday on news of regulatory approval for its products.
What Happened
InspireMD announced that it received regulatory approval for its CGuard Embolic Prevention System and MGuard Prime in Vietnam. Both of these devices utilize MicroNet technology, and the company has initiated commercialization of products.
Why It's Important
Vietnam has a population of over 100 million and represents an important step in the company's expansion across Asia, Chief Commercial Officer Agustin Gago said in a statement.
InspireMD secured a valid import license and product reimbursement from Vietnam's Department of Medical Equipment and Health Works, speeding the products' path to market, the CCO said.
What's Next
The Israeli company recently appointed DO GIA as its distributor in Vietnam. DO GIA has an established distribution network across Vietnam that covers both physicians, clinics and hospitals, Gago said.
InspireMD Inc sells the CGuard Embolic Prevention System and MGuard Prime in a variety of markets across Europe, the Middle East, Asia and Latin America.
Price Action
InspireMD shares were set to close up 9.65 percent Monday at $1.25.
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