|Corindus' CorPath 200 System--Courtesy of Corindus|
Corindus Vascular Robotics has filed to raise $46 million and list on the NYSE to back its robotic system that places stents in percutaneous coronary intervention (PCI) procedures. The company is already listed publicly on the OTCQB--an over-the-counter exchange intended for venture-stage companies. It did so via a reverse merger with a shell company in August 2014.
Founded in 2002, Corindus' CorPath 200 System was cleared by FDA in July 2012. It remains the only system cleared by the agency specifically to enhance precision and accuracy in stent placement during PCI procedures, according to the company.
Royal Philips ($PHG) had been the exclusive global distributor of the product, but in November 2013 Corindus renegotiated the deal to also allow it to sell the system directly. Then the Philips deal expired in August 2014. Corindus currently has a market cap of about $450 million.
Philips remains an investor in the company, with a 20% stake in the company ahead of the slated offering. HealthCor Partners (42.4% of pre-offering shares); Energy Capital (9.8%) and 20/20 Capital (6.5%) are also major shareholders.
Corindus expects it could expand the robotic system into other vascular segments in the future including peripheral, vascular, neuro-interventional and other complex cardiac interventions such as structural heart.
But as of the end of 2014, Corindus had installed only 24 CorPath Systems in U.S. hospitals, with another two installed in hospitals ex-U.S. In 2014, it had $3 million in revenue with a net loss of $24.5 million.
Already, Corindus had raised about $111.5 million in equity and debt so far, including a $26.6 million private placement last September. The company had $28.5 million in cash at year-end, which is only roughly a year worth of runway. It cautions in the SEC filing that it doesn't expect to achieve "profitable operations until 2017."
PCI is a non-surgical procedure, which was used about 2.2 million times in the U.S. and Europe in 2013. It can be used to reduce angina, prevent heart attacks and alleviate congestive heart failure; it allows some patients to avoid open heart surgery.
- here is the SEC filing