Deal sells common shares at $1.23 apiece along with two-year warrants
By Devika Patel
Knoxville, Tenn., July 31 - Hansen Medical, Inc. said it plans a private placement of stock to raise about $39 million with Oracle Investment Management, Jack W. Schuler and other investors.
The company will sell $35 million of common shares at $1.23 per share. The price per share is identical to the July 30 closing share price.
Investors also will receive two-year warrants for about 34 million shares. The series A warrants are each exercisable at $1.23, the series B warrants are exercisable at $1.50 and the series C warrants are each exercisable at $2.50. The strike prices are identical and 21.95% and 103.25% premiums to the July 30 closing share price. The purchase price for the warrants will be $0.125 apiece.
Proceeds will be used to support Hansen Medical's efforts to commercialize the Magellan Robotic System, drive further adoption of the Sensei Robotic System and strengthen operations.
The Mountain View, Calif.-based company develops and manufactures robotics designed to position, manipulate and control catheter technologies.
| Issuer: | Hansen Medical, Inc.
|
| Issue: | Common stock
|
| Amount: | $39 million (approximate)
|
| Price: | $1.23
|
| Warrants: | For about 34 million shares
|
| Warrant price: | $0.125
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | $1.23, $1.50, $2.50
|
| Investors: | Oracle Investment Management, Jack W. Schuler
|
| Settlement date: | July 31
|
| Stock symbol: | Nasdaq: HNSN
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| Stock price: | $1.23 at close July 30
|
| Market capitalization: | $97.27 million
|
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