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Intuitive Surgical $115 Mil. IPO Will Help Expand Sales Force, R&D Activity

This article was originally published in The Gray Sheet

Executive Summary

Intuitive Surgical intends to "significantly increase" its 20-person sales force with proceeds from a planned $115 mil. initial public offering as the firm gears up for FDA approval of its da Vinci tele-robotic endoscopic surgical system for use in sharps laparoscopic surgery.

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Intuitive Surgical, Inc.

Developer of the da Vinci tele-robotic endoscopic surgical system goes public via initial offering of 5 mil. shares at $9 each on June 13. The $45 mil. total is considerably less than the $115 mil. originally anticipated in a March filing with the Securities and Exchange Commission (1"The Gray Sheet" April 3, p. 21). The Mountain View, California firm will use a portion of the proceeds to facilitate sales force expansion and R&D activity. The shares trade on the Nasdaq exchange under the symbol "ISRG." Underwriters Lehman Brothers, Bear Stearns, FleetBoston Robertson Stephens, UBS Warburg and Fidelity Capital Markets have a 30-day option to purchase up to 750,000 additional shares to cover over-allotments. Separately, Intuitive Surgical announces June 19 the "world's first" totally endoscopic radical prostatectomy with the da Vinci system, at Frankfurt University Hospital, Germany

Intuitive Surgical, Inc.

Developer of the da Vinci tele-robotic endoscopic surgical system goes public via initial offering of 5 mil. shares at $9 each on June 13. The $45 mil. total is considerably less than the $115 mil. originally anticipated in a March filing with the Securities and Exchange Commission (1"The Gray Sheet" April 3, p. 21). The Mountain View, California firm will use a portion of the proceeds to facilitate sales force expansion and R&D activity. The shares trade on the Nasdaq exchange under the symbol "ISRG." Underwriters Lehman Brothers, Bear Stearns, FleetBoston Robertson Stephens, UBS Warburg and Fidelity Capital Markets have a 30-day option to purchase up to 750,000 additional shares to cover over-allotments. Separately, Intuitive Surgical announces June 19 the "world's first" totally endoscopic radical prostatectomy with the da Vinci system, at Frankfurt University Hospital, Germany

Intuitive Surgical's Tele-Robotic Surgical System Approvable For Sharps

Intuitive Surgical's da Vinci tele-robotic endoscopic surgical system is approvable with conditions for use with certain sharp instruments, FDA's General and Plastic Surgery Devices Panel recommended 9-1 at its June 16 meeting in Gaithersburg, Maryland.

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