September 12, 2014
By Riley McDermid, BioSpace.com Breaking News Sr. Editor
Robotics producer Corindus Vascular Robotics, Inc. has gained $26.6 million from selling shares of its common stock to accredited investors, the company said today.
The developer of precision vascular robotics had issued the 10,666,570 shares in a private placement for a purchase price of $2.50 per share. Cowen and Company, LLC and Stifel, Nicolaus & Company, Inc. acted as placement agents for the company during the transfer.
Company management said it planned to use the funding to expand its sales team and product commercialization, while reinvesting in its product line.
“We are also committed to advocating for interventional cardiologists by focusing on the key issues and concerns that impact them in the cath lab, such as the importance of precision in performing coronary angioplasties and protection from occupational hazards such as radiation exposure to both physicians and their patients,” said David Handler, chief executive officer, in a statement.
CVR, formerly known as Corindus, has agreed to file a registration statement covering the resale of all shares issued in the private placement. As of now, the securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the U.S. without the a certified registration or an applicable exemption.
CVRS is a global technology leader in robotic-assisted percutaneous coronary interventions (PCIs). It has recently gained attention from market watchers because of its robotic technology used in complicated, invasive medical procedures.
The company has received approval from the U.S. Food and Drug Administration for its CorPath 200 System, a device that offers interventional cardiologists PCI procedural control from a radiation protective interventional cockpit.
