The Orlando, Fla.–based company said it cleared its debt with the exception of loans from its CEO and a loan note for $25,000, which is due on Dec. 31, 2020. One note of $25,000 is being converted into shares at $1.50 per share, with the remainder being repaid in full with accrued interest, according to a news release.
“The repayment of all this Company debt provides further stability to the company’s finances, allowing us to focus on our medical software procedure program and the development of our Autonomous Robotics Surgical System,” Avra chairman & CEO Barry Cohen said in the news release. “The potential of our robotic systems is to perform operations with greater precision than human hands are capable of.”
Avra is developing a fully autonomous surgical robotic system to “robotize” a wide range of surgical procedures. The company is currently developing a treatment-independent precision guidance system with an initial focus on skin resurfacing aesthetic procedures.
In August 2019, Avra announced that it began the approval process with the FDA for the fully autonomous robot. At the time, the company said it had plans to pursue simultaneous approvals in the U.S., Canada, Europe, Australia, Japan and Brazil. The Avra system’s robotic arm already has CE Mark approval, according to the company.