|Hansen Medical is raising $93 million to commercialize its Magellan robotic surgery system.--Courtesy of Hansen Medical|
California's Hansen Medical ($HNSN) has signed a deal to sell up to $93 million of securities, cash the company would use to grab a bigger seat at the robotic surgery table.
Hansen will first pull in about $39 million through a sale of common stock at $1.23 per share and two-year warrants. The warrants will be split up into three equal tranches and, once exercised, they could bring in another $54 million, bringing Hansen its hoped-for $93 million.
Whatever the final return, Hansen plans to put its cash into the Magellan and Sensei robotic surgery systems. So far, the company has struggled to secure a sizable space in the market, last week releasing less-than-stellar preliminary sales figures and expecting its second-quarter revenue to slide between 4% and 12%.
But Hansen sees an opportunity to capitalize on a rise in robotic procedures around the globe, the company said. Despite the company's revenue slump, Magellan- and Sensei-powered operations jumped 36% year-over-year in Q2, Hansen said, marking the eighth consecutive quarter of procedure growth.
And investors seem to have a bit of renewed faith in the struggling robotics outfit. Hansen's shares are down about 55% since February, but, after Wednesday's announcement of the security sale, the company's stock jumped about 22% to $1.50 by Thursday morning.
- read Hansen's announcement