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Home » Hansen Medical pulls in $93M, shares surge 20% | Wall Street Beat

Hansen Medical pulls in $93M, shares surge 20% | Wall Street Beat

July 31, 2013 By Brad Perriello

MassDevice.com Wall Street Beat

Hansen Medical (NSDQ:HNSN) said it inked an equity financing deal for up to $93 million with a consortium of investors including Oracle Investment Management and private equity player Jack Schuler, a co-founder of Crabtree Partners.

Mountain View, Calif.-based Hansen, which makes the Magellan and Sensei robotic surgery devices, said it plans to use the proceeds to commercialize the Magellan system and drive more sales for the Sensei device.

The offering would see the medical device company land $35 million after the close of the 1st tranche, at $1.23 per share. HNSN shares were trading at $1.48 as of about 11:45 a.m. today, up 19.7%.

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The deal also includes provisions for backers to buy 2-year warrants for roughly 34 million shares at 12.5¢ apiece, meaning another $4 million for Hansen right away.

If exercised as proposed in 3 tranches, the warrants would bring in another $54 million, Hansen said. The Series A tranche, at $1.23 each, would earn about $14 million, according to a press release. The Series B tranche, at $1.50, would be worth $17 million, with the Series C tranche, priced at $2 each, would earn $23 million, according to the release.

 The 10 biggest digital health deals this year
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 PPG sells remaining Transitions Optical stake to Essilor
PPG Industries (NYSE:PPG) sold its 51% stake in Transitions Optical to Essilor International (EPA:EI) for $3.4 billion.
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 CryoLife’s Hero graft hits the European market
CryoLife Inc. (NYSE:CRY) said its Hero graft hit the market in Europe with the 1st clinical implantation in Belgium following CE Mark approval last month.
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 InVivo Therapeutics tables bid for NYSE, NASDAQ
InVivo Therapeutics (OTC:NVIV) said it’s suspending indefinitely its bid for a listing on a national stock exchange like the New York Stock Exchange or NASDAQ, citing "issues related to corporate governance" in a regulatory filing.
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 Analysts’ ups and downs

  • Boston Scientific (NYSE:BSX): Leerink Swann maintains "market perform" rating, raises price target to $11 from $9.50; TheStreet Ratings upgrades to "hold" rating.
  • Cardiovascular Systems (NSDQ:CSII): Wunderlich Securities initiates coverage with "buy" rating, $24 price target.
  • Edwards Lifesciences (NYSE:EW): Leerink Swann reiterates "outperform" rating, $80 price target.
  • Haemonetics (NYSE:HAE): Craig Hallum downgrades from “buy” to “hold” rating.
  • Hospira (NYSE:HSP): Leerink Swann maintains "market perform" rating.
  • Mako Surgical (NSDQ:MAKO): Leerink Swann maintains "market perform" rating, raises price target to ~$14 from ~$12.
  • NuVasive Inc. (NSDQ:NUVA): Janney Montgomery Scott downgrades from “buy” to “neutral” rating, raises price target to $28 from $24; Leerink Swann maintains "market perform" rating, raises price target to $29 from $23.
  • NxStage Medical (NSDQ:NXTM): Lazard Capital Markets downgrades from “buy” to “neutral” rating, maintains $16 price target.
  • ResMed (NYSE:RMD): UBS AG upgrades from “neutral” to “buy” rating.
  • Zeltiq (NSDQ:ZLTQ): William Blair upgrades from “market perform” to “outperform” rating.
  • Zimmer (NYSE:ZMH): Citigroup reiterates "sell" rating, raises price target from $69 to $77; Leerink Swann maintains "market perform" rating, raises price target to $90 from $82.

Filed Under: Funding Roundup, News Well, Surgical Robotics, Wall Street Beat Tagged With: CryoLife, Essilor International, Hansen Medical Inc., InVivo Therapeutics, PPG Industries

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