Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Stereotaxis raises $20.1 mil.: Firm tabs $20.1 million in net proceeds from a private placement stock offering for marketing, R&D and working capital. The offering includes approximately 1.9 million common stock shares at $10.50 each. Stereotaxis, which makes magnetic interventional navigation systems for cardiac catheterization labs, generated revenue of $27.2 million in 2006 - an 81% jump from the prior year. A net loss for the year of $45.7 million compares to a loss of $43.6 million a year earlier. As of year-end 2006, the firm had $37 million in cash on hand. On March 1, the firm announced the start of its HEAL HF trial to evaluate its Niobe system for magnetic navigation to multiple potential pacing sites and optimization of left ventricular lead placement to treat heart failure. Stereotaxis went public in 2004 (1"The Gray Sheet" Sept. 27, 2004, p. 12)...