Massachusetts-based Corindus Vascular Robotics has big plans for its newly secured $26.6 million, raised in a private placement funding round.
Corindus sold nearly 10.7 million shares at $2.50 apiece through a Securities Purchase Agreement, with Cowen & Co. and Stifel, Nicolaus & Co. acting as placement agents.
"This funding will enable expansion of our sales team and product commercialization, and continued investment in product innovation," CEO David Handler said in prepared remarks. "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."
Corindus has been on the conference circuit, mostly recently touting its CorPath robotic angioplasty system at the TCT meeting in Washington D.C. this month. The company was also on site at the SCAI 2014 Scientific Sessions in May and the American College of Cardiology conference in April.
Corindus calls the CorPath system the "1st medical device that offers interventional cardiologists PCI procedure control from an interventional cockpit." The device, which won FDA clearance in July 2012 for performing percutaneous coronary interventions, is operated from behind a radiation-shielded "cockpit" where the surgeon can operate while seated.