Robot-assisted surgery: Hansen Medical drums up $35m private placement

March 10, 2015 By Brad Perriello Leave a Comment

Hansen Medical (NSDQ:HNSN) said today that it drummed up $35 million for its robot-assisted surgery devices from a syndicate of investors that includes its founder, a director and a pair of hedge funds.

Mountain View, Calif.-based Hansen said the funding round, which includes convertible stock and warrants worth another $52.5 million, could eventually reach the $87.5 million mark if the warrants are exercised.

Backers in the round include Hansen founder Fred Moll, who co-founded Intuitive Surgical (NSDQ:ISRG), and private equity player Jack Schuler, a co-founder of Crabtree Partners, the company said. Hedge funds Oracle Investment Management and Westwood Management also participated, Hansen said.

The offering, which is expected to close March 11, will bring in $35 million up front from the sale of 53,846 convertible preferred shares at $650 each, according to a press release. Hansen said it also plans to issue 2-year warrants for another 53.8 million shares at a strike price of the lesser of either 97.5¢ per share or a 50% premium on the stock’s 10-day trailing weighted average price.

Hansen, which announced a $93 million equity financing in July 2013, ousted CEO Bruce Barclay in February 2014, replacing him with Cary Vance, the former Teleflex (NYSE:TFX) chief executive.

In January, Hansen announced that its Magellan robotic system was used to perform the world’s 1st robot-assisted retrieval of an inferior vena cava filter. A month later, the company won FDA approval to expand a study testing its Sensei device to include devices made by St. Jude Medical (NYSE:STJ) and Johnson & Johnson (NYSE:JNJ) BioSense Webster division.

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