Medtronic Completes $20 Million Second Tranche Investment in Mazor Robotics
August 15 2016 - 4:30AM
Business Wire
Mazor Robotics Ltd. (TASE: MZOR; NASDAQGM: MZOR), a pioneer and
a leader in the field of surgical guidance systems, today announced
the completion of the second tranche of the equity investment by
Medtronic pursuant to a previously executed agreement between the
parties. The Company issued new securities representing 3.40%
percent of Mazor's issued and outstanding share capital, on a fully
diluted basis, at a price per ADS $21.84, which is equal to the
volume weighted average price of the ADS’s for the trailing 20-day
period ending on and including August 9, 2016, for an aggregate
purchase price of $20 million. The triggering milestone for this
second tranche investment was the July 12, 2016 unveiling by the
Company of Mazor X, a transformative Surgical Assurance Platform to
enhance predictability of spine surgeries for the benefit of
patients and those who treat them..
“Since signing the agreements in May our two organizations have
been working closely to ensure a successful partnership,” commented
Ori Hadomi, Chief Executive Officer. “This investment by Medtronic
reflects a key operating achievement - the unveiling of the Mazor X
Surgical Assurance Platform – and in just a few short weeks we have
received many inquiries from new surgeons, as well as interest from
our existing Renaissance user base. The feedback is overwhelmingly
positive and we plan to launch Mazor X at the NASS conference this
October. I am confident it will advance and change the way spine
surgery is performed.”
Following the completion of the second tranche investment,
Medtronic has purchased a total of 1.96 million ADS’s, representing
7.27% of Mazor's issued and outstanding share capital, on a fully
diluted basis, for a total of $31.9 million.
As of June 30, 2016, cash, cash equivalents and investments
totaled $47.5 million. Following the completion of the second
equity investment, the Company’s cash, cash equivalents and
investments will total approximately $65 million and the fully
diluted share count will be approximately 53.9 million.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws. Any statements in this release about
future expectations, plans or prospects for the Company, including
without limitation, statements regarding the launch of Mazor X,
that Mazor X will change the way spine surgery is performed and
other statements containing the words “believes,” “anticipates,”
“plans,” “expects,” “will” and similar expressions are
forward-looking statements. These statements are only predictions
based on Mazor’s current expectations and projections about future
events. There are important factors that could cause Mazor’s actual
results, level of activity, performance or achievements to differ
materially from the results, level of activity, performance or
achievements expressed or implied by the forward-looking
statements. Those factors include, but are not limited to, the
impact of general economic conditions, competitive products,
product demand and market acceptance risks, reliance on key
strategic alliances, fluctuations in operating results, and other
factors indicated in Mazor’s filings with the Securities and
Exchange Commission (SEC) including those discussed under the
heading “Risk Factors” in Mazor’s annual report on Form 20-F filed
with the SEC on May 2, 2016 and in subsequent filings with the SEC.
For more details, refer to Mazor’s SEC filings. Mazor undertakes no
obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or to changes in our
expectations, except as may be required by law.
About Mazor
Mazor Robotics (TASE: MZOR; NASDAQGM: MZOR) believes in healing
through innovation by developing and introducing revolutionary
technologies and products aimed at redefining the gold standard of
quality care. Mazor Robotics Guidance Systems enable surgeons
to conduct spine and brain procedures in a more accurate and secure
manner. For more information, please
visit www.MazorRobotics.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160815005188/en/
U.S. Contacts: EVC GroupInvestorsMichael Polyviou,
212-850-6020mpolyviou@evcgroup.comDoug Sherk,
415-652-9100dsherk@evcgroup.comorMediaDavid Schemelia,
646-201-5431dave@evcgroup.com
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