TransEnterix offering goes over-allotment, raises $52m

TransEnterix (NYSE:TRXC) said today it exercised an underwriter’s over-allotment option for its most recent funding round, selling an extra 2 million shares of common stock at the public offering price of $3 per share. Stifel and RBC Capital Markets were book-runners for the round, with Raymond James, BTIG and Ladenburg Thalmann as co-managers. Proceeds from the original sale of 16.7 million shares and the additional 2 million shares netted TransEnterix an approximate $52 million, the company said. In June, TransEnterix said they hoped to make $46.2 million from the offering. Funds are slated to support its SurgiBot system through R&D, sales, marketing and commercialization, TransEnterix said. In June, TransEnterix 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’s SurgiBot 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 ...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Robot-Assisted Surgery Robotics Surgical TransEnterix Source Type: news