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Home » Stereotaxis raises $24m

Stereotaxis raises $24m

September 30, 2016 By Fink Densford

StereotaxisMedical robotics developer Stereotaxis (NSDQ:STXS) said yesterday it closed a $24 million private placement round, floating 24,000 shares of convertible preferred stock and warrants for the purchase of an aggregate 36.9 million shares of common stock.

Each preferred share sold in the round is convertible at the option of the holder at a price of 65¢ per share, St. Louis, Mo.-based Stereotaxis said. The warrants sold have an initial exercise price of 70¢ per share and can be exercised up to 5 years from the closing of the round.

Stereotaxis said it used $13 million raised in the round to “satisfy in full all amounts outstanding under the company’s loan agreement with Healthcare Royalty Partners,” according to an SEC filing.

The investment round was co-led by DAFNA Capital Management and Masimo founder & CEO Joe Kiani, the company said.

In Sept. 2014, Stereotaxis announced FDA clearance for its V-Loop product, the 2nd model from its Vdrive platform to make it to the U.S. market.

The Vdrive with V-Loop technology allows physicians to remotely manipulate a compatible mapping catheter, a device commonly used in the electrophysiology lab. The V-Loop system is compatible with both variable loop and ICE catheters, which are among the most repositioned diagnostic tools during ablation procedures, Stereotaxis said.

The V-Loop system joins V-Sono, another Vdrive product which won FDA clearance in 2013. Stereotaxis’ V-CAS and V-CAS Deflect catheter advancement systems are not yet cleared for the U.S.

Filed Under: Business/Financial News Tagged With: Stereotaxis

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