Stereotaxis (NYSE:STXS) announced that it entered into a securities purchase agreement to issue common stock for net proceeds of approximately $15 million.
St. Louis, Mo.-based Stereotaxis said in a news release that the agreement with certain funds managed by Consonance Capital Management will see it issue approximately 3.66 million shares of common stock at $4.10 per share.
According to the release, the purchase price reflects a 9% premium to Steriotaxis’ 10-day volume-weighted average trading price.
The company, which develops robotic technologies for the treatment of cardiac arrhythmias, expects the offering to take place on or about May 28, subject to closing conditions.
“We are excited to have Consonance Capital join us in our mission to improve patient care and positively transform interventional medicine with robotics,” Stereotaxis chairman & CEO David Fischel said in the release. “This financing is particularly meaningful during this period of uncertainty and disruption, and strengthens our commitment to significant innovation and support of our customers.”
