TransEnterix raises $50M for surgical robot

TransEnterix's SurgiBot system--Courtesy of TransEnterix

TransEnterix, a medical device company focused on flexible instruments and robotics, priced a $50 million stock offering as its shares began trading on the New York Stock Exchange today.

Proceeds from the sale (priced at $4 a share) will be used for research and development, and sales and marketing for its SurgiBot system, the company said. SurgiBot is a minimally invasive surgical robotic system that allows the surgeon to be close to a patient within a sterile environment.

TransEnterix will trade under the symbol "TRXC." Underwriters of the offering include Stifel, Nicolaus & Company, RBC Capital Markets, Ladenburg Thalmann & Co. and Raymond James.

The company, based in Research Triangle Park, NC, is working toward FDA approval of SurgiBot, and hopes to file its regulatory findings on the product by the end of the year. In late 2013, TransEnterix completed its merger with SafeStitch Medical, which developed products focused on treating obesity, hernias and gastroesophageal reflux disease.

TransEnterix is seen as competing with Intuitive Surgical's ($ISRG) da Vinci System, which has been beset with marketing problems.

- read the release

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