TEL AVIV, Israel, September 25, 2012 /PRNewswire/ --
InspireMD, Inc. (OTCBB: NSPR) (the "Company" or "InspireMD"), announced today that Ofir Paz, co-founder, board member and Chief Executive Officer of InspireMD since its founding in 2005, intends to step down as CEO as part of a planned transition to prepare the Company for formal commercialization of its proprietary MGuard™ Embolic Protection Stent (EPS) platform technology for patients with Acute Myocardial Infraction.
To this end, the board has formed a search committee to locate a successor CEO candidate and the Company has engaged an executive search firm to assist in this process. Mr. Paz will remain the Company's CEO until a successor is named. Mr. Paz will remain a director following his resignation as CEO.
The Company also announced that former KPMG, LLC executive James J. Loughlin has joined the Board of Directors and has been named Chairman of the Audit Committee.Mr. Loughlin's distinguished career at KPMG included serving as National Director of KPMG's Pharmaceuticals Practice and a five-year term as a member of the KPMG board of directors. He currently serves on the boards and chairs the audit committees of Celgene Corp. (CELG) and Edge Therapeutics, a development stage company. Sol Barer, PhD, Chairman of InspireMD, said: "We are finalizing our U.S. approval pathway while getting set for the formal marketing launch of the MGuard technology platform outside the U.S. under our existing CE Mark. "We are deeply indebted to Ofir for his leadership as co-founder, director and CEO for the past seven years. His vision and persistence were instrumental in bringing us to this important juncture. His insights and continuing contributions as a board member will be valued by all of us. "We are delighted to welcome Jim Loughlin to the board. We look forward to his wisdom and experience, not only as an expert in public company financial systems and reporting, but also in the specialized needs of healthcare industry companies." About InspireMD, Inc.