Corindus Vascular Robotics, Inc. Closes Private Placement for $26.6 Million
Sep 12, 2014
OTC Disclosure News Service
Corindus Vascular Robotics, Inc. [OTCQB: CVRS], a leading developer of
precision vascular robotics (“Corindus” or the “Company”), announced
today that it entered into a Securities Purchase Agreement pursuant to
which the Company will issue and sell to certain accredited investors an
aggregate of 10,666,570 shares of the Company’s Common Stock in a
private placement at a purchase price of $2.50 per share, resulting in
aggregate gross proceeds to the Company of approximately $26.6 million.
The Company has agreed to file a registration statement covering the
resale of all shares issued in the private placement.
Cowen and Company, LLC (“Cowen”) and Stifel, Nicolaus Company,
Incorporated (“Stifel”) acted as placement agents for the transaction.
The securities have not been registered under the Securities Act of 1933
and may not be offered or sold in the U.S. absent registration or an
David M. Handler, CEO, Corindus Vascular Robotics, Inc., stated, “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.”
About Corindus Vascular Robotics, Inc.
Corindus Vascular Robotics, Inc. [OTCQB: CVRS] is a global technology
leader in robotic-assisted percutaneous coronary interventions (PCIs).
The Company’s FDA cleared CorPath 200 System is the first medical device
that offers interventional cardiologists PCI procedure control from a
radiation protective interventional cockpit. With the CorPath System,
Corindus Vascular Robotics brings robotic precision to PCI procedures to
help optimize clinical outcomes and minimize the costs associated with
complications through improper stent placement. Corindus stands behind
its technology with its unique $1,000 hospital credit “One Stent
Program.” For additional information, visit www.corindus.com,
and follow @CorindusInc.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy securities of Corindus Vascular
Robotics, Inc. Certain statements in this release, including those
related to the expansion of our sales team and continued product
development, the reduction in radiation resulting from the use of the
CorPath System, the PCI procedure control from the interventional
cockpit, the optimization of clinical outcomes and the minimization of
costs associated with complications through improper stent placement,
and other written or oral statements made by or on behalf of the Company
are “forward-looking statements” within the meaning of the federal
securities laws. Statements regarding future events and developments and
our future performance, as well as management’s expectations, beliefs,
plans, estimates or projections relating to the future are
forward-looking statements within the meaning of these laws. The
forward-looking statements are subject to a number of risks and
uncertainties including FDA and market acceptance of the Company’s
products and the Company’s continued access to capital and other risks
and uncertainties identified in the Company’s Current Report on Form
8-K/A, Amendment No. 1, filed with the Securities and Exchange
Commission on August 15, 2014. The actual results the Company
achieves may differ materially from any forward-looking statements due
to such risks and uncertainties. These statements are based on our
current expectations and speak only as of the date of such statements.
The Company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of future events, new
information or otherwise.
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