IPO: Mako Surgical Seeks Funds To Boost Robotic Knee Resurfacing Efforts
This article was originally published in The Gray Sheet
Executive Summary
Mako Surgical is proposing an initial public stock offering valued at up to $86.3 million to aid its development of the Haptic Guidance System version 2.0 for robotic, multicompartmental knee resurfacing procedures (see chart: "1Mako Surgical IPO")
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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)
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)
Financings In Brief
Mako Surgical gets $60 million: Robotic knee surgery device maker Mako Surgical inks $60 million private placement financing deal, providing it with $40 million up front and an additional $20 million by the end of 2009, contingent upon certain milestones, the company announces Oct. 29. The funds will support Mako's planned launch in the first half of 2009 of its Tactile Guidance System version 2.0 for robotic knee resurfacing procedures and its Mako-branded bi-compartmental knee implant, the company says. Some of the proceeds also will go toward R&D and working capital, according to the firm. The financing round was led by Montreux Equity Partners and Skyline Ventures. Based in Ft. Lauderdale, Fla., Mako went public in February 2008, netting $43.7 million through its offering of 5.1 million shares at $10 each. The IPO funds also were earmarked for development of The Tactile Guidance System, which previously was referred to as the Haptic Guidance System (1"The Gray Sheet" Oct. 22, 2007, p. 17)