Financings in Brief: Computer Motion, Inc.
This article was originally published in The Gray Sheet
Executive Summary
Computer Motion, Inc.: Medical robotics firm's initial public offering proceeds reach approximately $36.8 mil. following the purchase of 375,000 overallotment shares. Computer Motion went public Aug. 12 at $14 per share. In total, 2,875,000 shares were offered, including the overallotment shares. The proceeds will go toward debt repayment, R&D, sales and marketing, capital expenditures and "working capital and general corporate purposes," according to the IPO prospectus. The Goleta, California firm hopes to commence clinical trials of its Zeus robotic surgical system in the first quarter of 1998. The Zeus is comprised of three surgeon-controlled robotic arms intended to allow improved ability to "perform complex, minimally invasive procedures," the firm states. One arm is used to position an endoscope while the remaining arms are used to manipulate surgical instruments. For potential cardiothoracic applications Medtronic will act as exclusive distributor of Zeus in various foreign markets and co-market the system in North America under a March agreement ("The Gray Sheet" March 31, In Brief).
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