TransEnterix prices follow-on offering at $3 per share

TransEnterix (NYSE:TRXC) yesterday priced a $50 million follow-on offering at $3 per share, raising gross proceeds of $50 million for its SurgiBot robot-assisted surgery device. The Research Triangle Park, N.C.-based company said it expects to net about $46.2 million from the offering, which it plans to use on R&D, sales, marketing and commercialization of the SurgiBot device. The offering is expected to close June 17, TransEnterix said, and includes a 30-day underwriters’ over-allotment option for another 2.5 million shares. Stifel and RBC Capital Markets will be book-runners on the offering, with Raymond James and BTIG as co-managers, TransEnterix said. The offering comes a week after TransEnterix announced it submitted an application for 501(k) clearance of its SurgiBot system. TransEnterix claims the SurgiBot is the 1st patient-side robotically enhanced laparoscopy platform, designed to be wheeled to a patient’s bedside. Piper Jaffray analyst Matt O’Brien predicted that TransEnterix will hit the U.S. market in early 2016, having a modest impact on Intuitive Surgical (NSDQ:ISRG), maker of the da Vinci surgical robot and the largest player in the robot-assisted surgery space. SurgiBot will do more to expand the market rather than take share from Intuitive, O’Brien wrote in a note to investors. TransEnterix in 2013 merged with SafeStitch Medical, which later took the company’s name and combined stock for both companies. The post TransEnterix pric...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Funding Roundup Robot-Assisted Surgery Source Type: news