Medtronic invests in Mazor once again, just after Mazor X unveiling

Courtesy of Mazor Robotics

Medtronic ($MDT) has invested once more in Mazor Robotics, this time in the form of a $20 million tranche investment. This investment comes in thanks to the July unveiling of Mazor X.

Mazor X is a guidance platform for spine surgeries. The tech was developed with the aim of “enhancing predictability and patient benefit, through the combination of analytical tools, multiple-source data, precision guidance, optical tracking, intra-op verification, and connectivity technologies,” Mazor explained in the July announcement. The tech is planned to launch in October at the North American Spine Society annual meeting in Boston.

Courtesy of Mazor Robotics

Medtronic, at the time of the Mazor X launch, had already placed an order for 15 Mazor X systems and had been in a co-promotion and co-development agreement with Mazor Robotics.  

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“The partnership is in its early phase of co-marketing activity and the benefits will be seen in the coming months,” Mazor CEO Ori Hadomi told FierceMedicalDevices. “Synergies in promotional activities have been identified and the two companies are looking forward to the commercial launch of Mazor X this October at NASS 2016 in Boston. We are very excited and impressed with the way the partnership been translated to collaboration and synergy in the day to day activities between the two companies teams.”

Hadomi also noted that Mazor has already received multiple inquiries about the Mazor X system since it was unveiled.

Now with this second tranche investment, Medtronic has purchased 1.96 million ADS. This accounts for 7.27% of Mazor’s issued and outstanding share capital, totalling $31.9 million.

“The investment in Mazor by Medtronic is a validation of our company and our technology,” Hadomi said. “It will fuel both development and promotional activities and will allow Mazor to realize it vision in high gear and accelerate its growth.”

- here's the release regarding the new investment
- and here's the release unveiling Mazor X

Related Articles:
Mazor Robotics posts first earnings since Medtronic deal
Medtronic’s robotic surgery partner Mazor unveils studies touting effectiveness of its machines

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