TEL-AVIV, Israel, Nov. 17, 2011 /PRNewswire/ -- InspireMD, Inc. (OTC BB: NSPR) ("Inspire" or the "Company"), a medical device company focusing on the development and commercialization of its proprietary stent platform technology, today announced that Sol J. Barer, Ph.D., a current member of the Company's board of directors and the former Chairman, and CEO of Celgene Corporation, has been elected the Chairman of InspireMD's Board of Directors, effective immediately. InspireMD thanks Asher Holzer for his contributions as chairman and leading the Company to its current successful stage. Mr. Holzer will continue as President of the Company and a member of the Board of Directors.
Dr. Barer commented, "Since I joined the Board of Directors mid-year, I have become increasingly impressed with the Company's potential and am very pleased to have been asked to take the Chairman's role. I look forward to working with the Board and management in developing products and securing regulatory approval for life-saving products and positioning the Company for enhanced shareholder value."
Dr. Barer has more than 30 years experience with publicly traded biotechnology companies. In 1980, he was with Celanese Research Company when he formed the biotechnology group that was subsequently spun out to form Celgene. Dr. Barer spent 18 years leading Celgene, holding the positions of president, COO and Chairman and CEO during different periods, culminating with his tenure as Celgene's Executive Chairman before retiring in June of 2011. Celgene's market capitalization at his retirement was approximately $27 billion. Dr. Barer serves on the Board of several companies including: Amicus Therapeutics, Inc., Aegerion Pharmaceuticals, Inc., ContraFect Corp., Cerecor Corp and Edge Therapeutics, Inc. He serves as Chairman of BioNJ Inc., the 300 company biotechnology organization of New Jersey, as Chairman of the Governor of New Jersey's UMDNJ Advisory Committee and advises
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