Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Mako Surgical offering nets $54.4 million: Robotic knee surgery device maker Mako Surgical nets $54.4 million from a secondary offering of 8.05 million shares of common stock at $7.25 each, completed Aug. 19. The proceeds are tabbed "to support commercialization, sales, marketing and general administrative activities" as well as R&D and working capital, the company explains. In February, the firm rolled out its "next generation" RIO Tactile Guidance System version 2.0 robotic arm and Restoris MCK bi-compartmental knee resurfacing implant. The Fort Lauderdale, Fla., firm, which previously offered versions of the technology for unicompartmental knee procedures, went public in February 2008 (1"The Gray Sheet" Dec. 8, 2008). Underwriters for the most recent offering are Piper Jaffray & Co. and Leerink Swann LLC
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Financings In Brief
HeartWare raises $55 million in wake of failed Thoratec merger: Ventricular-assist device maker HeartWare raises $55 million in a private placement of 2.5 million common stock shares at $22 each, announced Aug. 10. The funds will help sustain development efforts for the firm's HeartWare Ventricular Assist System with HVAD pump in the wake of Thoratec's failed bid to acquire the company for $282 million. Thoratec pulled out of the deal July 31 after the Federal Trade Commission raised antitrust concerns (1"The Gray Sheet" Aug. 3, 2009). Headquartered in Sydney, Australia, and Framingham, Mass., HeartWare will use the proceeds from the private placement "for the furtherance of its clinical and commercial roll-out of the HeartWare HVAD and its pipeline of future pumps," the company says in a filing with the Securities and Exchange Commission. The system received CE mark approval in Europe for bridge-to-transplant therapy in January; a 150-patient U.S. trial is ongoing for the same indication (2"The Gray Sheet" Feb. 16, 2009)
Mako Surgical knee surgery robot gains 510(k) clearance
Launch in the first half of 2009 of the firm's RIO Tactile Guidance System version 2.0 robotic-arm and Restoris MCK bicompartmental knee resurfacing implant is planned by the company following receipt of two related 510(k) clearances, announced Dec. 2. The Ft. Lauderdale, Fla., firm launched version 1.0 of the system in 2006 for unicompartmental knee procedures and went public in February. The Tactile Guidance System, previously referred to as the Haptic Guidance System, incorporates patient-specific visualization to help prepare the knee joint for minimally invasive placement of resurfacing implants (1"The Gray Sheet" Oct. 22, 2007, p. 17)
Quotable: Words Of Wisdom From Our Recent APAC Coverage
Scrip's APAC team selects notable quotes from recent interviews, conferences and other coverage to highlight the views of senior executives and officials on the major topics facing the biopharma sector in the region.