Corindus Vascular Robotics (OTC:CVRS) yesterday priced its 11-million-share uplisting at $3.80 per share, saying it won approval to move its shares from the OTC exchange to the New York Stock Exchange effective today.
The offering is slated to gross $41.8 million, delivering proceeds before expenses of $39.3 million to Waltham, Mass.-based Corindus, which makes the CorPath robot-assisted surgery platform.
The CorPath 200 device won 510(k) clearance from the FDA in 2012 for percutaneous coronary interventions. Unlike other robot-assisted surgery devices, it’s designed with a radiation-shielded “cockpit” for the surgeon. The $40 million offering is slated to include a $6 million over-allotment for the underwriters.
The company said it’s sold 26 of the CorPath devices in the U.S. and another 2 outside the country.
Part of the Corindus business plan is to expand the approvals for CorPath to other indications, such as peripheral artery disease, neurological and structural heart interventions, the company said.
In February Corindus launched a 20-patient trial of the device in treating PAD, aiming to evaluate the safety and effectiveness of the CorPath device in PAD patients with lower-extremity arterial blockages.