TransEnterix, Inc. Announces Sale of AutoLap Assets
10 Julio 2019 - 11:48AM
Business Wire
TransEnterix, Inc. (NYSE American:TRXC), a medical device
company that is digitizing the interface between the surgeon and
the patient to improve minimally invasive surgery, today announced
the sale of certain AutoLap® image-based laparoscope positioning
system (AutoLap) assets to Great Belief International Limited
(GBIL), for total proceeds of $47.0 million.
The total proceeds to be paid to the Company for the AutoLap
product and intellectual property assets is $17 million, payable in
the amount of $5 million by July 31, 2019 and $12 million by
November 30, 2019. In addition, GBIL is making an equity investment
of $30.0 million in TransEnterix common stock at $2.00 per share,
payable on or before September 30, 2019. As a part of the sale
agreement, the Company retains ownership of the broader
intellectual property portfolio it acquired from M.S.T. - Medical
Surgery Technologies in October 2018, and will enter into a
cross-license agreement with GBIL under which it gains a license to
use the AutoLap-related IP sold, and grants GBIL a non-exclusive
license to use additional IP in connection with the AutoLap. The
Company has entered into an Amendment to its Loan Agreement as part
of the process to obtain the consent of its Lender prior to
transferring the AutoLap assets to GBIL.
“AutoLap has a track record of success with laparoscopic
surgeons across a wide variety of procedures around the globe. GBIL
has been a great partner for us in the past, and we believe they
will be successful in bringing the benefits of the AutoLap product
to the greatest number of laparoscopic surgeons worldwide," said
Todd M. Pope, TransEnterix President and CEO. “This divestiture
aligns with our continued focus on commercializing the Senhance
Surgical System platform and progressing digital laparoscopy, while
securing additional funds for our operations.”
AutoLap is an image-based scope positioning system used for
traditional laparoscopic procedures. The Company acquired the
AutoLap as part of the October 2018 acquisition of the assets of
M.S.T. - Medical Surgical Technologies.
“We see a tremendous commercial opportunity for the AutoLap
System and are extremely enthusiastic to work with TransEnterix to
bring this product to China along with the rest of the world,” said
Rachel Wang, President of GBIL.
About Great Belief International Limited (GBIL)
GBIL is a BVI based company dedicated in investment and asset
management in the healthcare industry. Their main business revenues
are from investment in the Chinese medical sector.
About TransEnterix
TransEnterix is a medical device company that is digitizing the
interface between the surgeon and the patient to improve minimally
invasive surgery by addressing the clinical and economic challenges
associated with current laparoscopic and robotic options in today's
value-based healthcare environment. The Company is focused on the
commercialization of the Senhance™ Surgical System, which digitizes
laparoscopic minimally invasive surgery. The system allows for
robotic precision, haptic feedback, surgeon camera control via eye
sensing and improved ergonomics while offering responsible
economics. The Senhance Surgical System is available for sale in
the US, the EU, Japan and select other countries. For more
information, visit www.transenterix.com.
Forward-Looking Statements
This press release includes statements relating to the sale of
the AutoLap assets. These statements and other statements regarding
our future plans and goals constitute "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, and 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 Autolap assets divestiture allows TransEnterix to continue to
focus its efforts on commercializing the Senhance System platform
and progressing digital laparoscopy, and whether the consideration
will be paid on the anticipated timeline. For a discussion of the
risks and uncertainties associated with TransEnterix's business,
please review our filings with the Securities and Exchange
Commission (SEC), including our Annual Report on Form 10-K for the
year ended December 31, 2018, filed with the SEC on February 27,
2019 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: https://www.businesswire.com/news/home/20190710005720/en/
For TransEnterix, Inc. Investors: Mark Klausner,
+1-443-213-0501 invest@transenterix.com or Media: Joanna
Rice, + 1-951-751-1858 joanna@greymattermarketing.com
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