TransEnterix Announces Common Stock Purchase Agreement by Institutional Investor, Lincoln Park Capital Fund, LLC
20 Diciembre 2016 - 5:50AM
Business Wire
TransEnterix, Inc. (NYSE MKT:TRXC), a medical device company
that is pioneering the use of robotics to improve minimally
invasive surgery, announced today that it has entered into a common
stock purchase agreement (“Commitment”) with Lincoln Park Capital
Fund, LLC (“Lincoln Park”), a Chicago-based institutional
investor.
According to the terms and conditions of the Commitment,
TransEnterix will have the right, in its sole discretion, to sell
to Lincoln Park up to $25.0 million in shares of the Company’s
common stock over a 36-month period. Any common stock sold to
Lincoln Park will occur at a purchase price based on the Company’s
prevailing market prices at the time of each sale to Lincoln Park.
TransEnterix will control the timing and amount of any sales to
Lincoln Park, and Lincoln Park will be obligated to make purchases
in accordance with the stock purchase agreement. Proceeds will be
used for general corporate purposes.
“The Company expects this Commitment to provide us with
additional balance sheet strength and to help continue funding our
Senhance regulatory and commercial efforts," said Todd M. Pope,
President and CEO at TransEnterix.
There are no upper limits on the price Lincoln Park may pay to
purchase common stock from TransEnterix. No warrants, derivatives,
financial or business covenants, or rights on future financings are
associated with the Commitment, and Lincoln Park has agreed not to
cause or engage in any direct or indirect short selling or hedging
of the Company’s common stock. In consideration for entering into
the Commitment, TransEnterix issued shares of common stock to
Lincoln Park as a commitment fee and additional shares of common
stock will be issued to Lincoln Park pro rata as shares of common
stock are sold to Lincoln Park pursuant to the Commitment. The
stock purchase agreement may be terminated by TransEnterix at any
time, at its sole discretion, without any additional cost or
penalty.
A more detailed description of the stock purchase agreement and
the Commitment is set forth in the TransEnterix’s Current Report on
Form 8-K as filed with the SEC on December 19, 2016, which the
company encourages you to read.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in the described
offering, nor will there be any sale of these securities in any
jurisdiction in which such offer solicitation or sale are unlawful
prior to registration or qualification under securities laws of any
such jurisdiction.
About TransEnterix, Inc.
TransEnterix is a medical device company that is pioneering the
use of robotics to improve minimally invasive surgery by addressing
the clinical and economic challenges associated with current
laparoscopic and robotic options. The company is focused on the
commercialization of the Senhance™ Surgical Robotic System, a
multi-port robotic system that brings the advantages of robotic
surgery to patients while enabling surgeons with innovative
technology such as haptic feedback and eye sensing camera control.
The company is also developing the SurgiBot™ System, a single-port,
robotically enhanced laparoscopic surgical platform. The Senhance
Surgical Robotic System has been granted a CE Mark but is not
currently available for sale in the United States. For more
information, visit the TransEnterix website at
www.transenterix.com.
About Lincoln Park Capital Fund, LLC.
Lincoln Park is an institutional investor headquartered in
Chicago, Illinois. Lincoln Park’s experienced professionals manage
a portfolio of investments in public and private entities. These
investments are in a wide range of companies and industries
emphasizing life sciences, specialty financing, energy and
technology. Lincoln Park’s investments range from multiyear
financial commitments to fund growth to special situation
financings to long-term strategic capital offering companies
certainty, flexibility and consistency. For more information, visit
www.lpcfunds.com.
Forward Looking Statements
This press release contains "forward looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which are
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties that are often
difficult to predict, are beyond our control and which may cause
results to differ materially from expectations and include whether
the Commitment will provide the company with additional balance
sheet strength as anticipated. For a discussion of the risks and
uncertainties associated with TransEnterix's business, including
those related to the regulatory approval for and commercialization
of our products, please review our filings with the Securities and
Exchange Commission (SEC), including our Annual Report on Form 10-K
filed on March 3, 2016, our most recent periodic report on Form
10-Q, and our other filings we make with the SEC. You are cautioned
not to place undue reliance on these forward looking statements,
which are based on our expectations as of the date of this press
release and speak only as of the origination date of this press
release. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20161220005261/en/
For TransEnterix, Inc.Investor Contact:Mark Klausner, +1
443-213-0501invest@transenterix.comorMedia Contact:(For EU)
Conrad Harrington, +44 (0)20 3178 8914or(For US) Hannah Dunning, +1
415-618-8750TransEnterix-SVC@sardverb.com
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