Corindus Vascular Robotics Inc., which develops precision vascular robotics for remote heart surgery and catheterization has agreed to sell 10,666,570 shares in a private placement on Wall's Street's OTC. The purchase price of $2.50 per share will result in aggregate gross proceeds of $26.6 million.
Cowen and Stifel, Nicolaus & Company Inc. acted as placement agents for the transaction.
Corindus was founded as Navicath in 2000 by Prof. Rafael Beyar, the general director of Rambam Medical Center in Haifa. Its first CEO was Tal Wenderow, who had managed it since it was based at the Technion incubator. The company now operates in Massachusetts and is mainly run by a US team but also has operations in Israel.
Investors include Philips Healthcare, 20/20 HealthCare Partners LLC, inventor and engineer Motti Beyar, the brother of Rafael Beyar, and Motti Beyar's former business partner Lewis Pell. The company has raised $50 million.
David M. Handler, CEO, Corindus Vascular Robotics CEO David Handler said, “This funding will enable expansion of our sales team and product commercialization, and continued investment in product innovation. We are also committed to advocating for interventional cardiologists by focusing on the key issues and concerns that impact them in the cath lab, such as the importance of precision in performing coronary angioplasties and protection from occupational hazards such as radiation exposure to both physicians and their patients.”
Published by Globes [online], Israel business news - www.globes-online.com - on September 14, 2014
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