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%.
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.
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