Corindus Vascular Robotics Announces Closing of Private Placement for $15 Million
February 26 2019 - 8:17AM
Business Wire
Corindus Vascular Robotics, Inc. (“Corindus” or the “Company”)
(NYSE American:CVRS), a leading developer of precision vascular
robotics, today announced the execution of a private placement
transaction with a large institutional investor pursuant to
which it will sell and issue an aggregate of 10,872,716 shares of
its common stock, at a purchase price of $1.3796 per share,
resulting in aggregate gross proceeds to the Company of
approximately $15 million, which the Company expects to receive
during the day. The net proceeds are expected to be approximately
$14.8 million. The Company intends to use the proceeds for general
corporate purposes.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state and other jurisdiction.
The securities offered and sold by Corindus in the private
placement have not been registered under the Securities Act of
1933, as amended, or state securities laws and may not be offered
or sold in the United States absent registration with the
Securities and Exchange Commission ("SEC") or an applicable
exemption from such registration requirements. Corindus has agreed
to file a registration statement with the SEC covering the resale
of the shares of common stock sold in the private placement within
90 days of the closing of the private placement. Any resale of
Corindus’ securities under such resale registration statement will
be made only by means of a prospectus.
About Corindus Vascular Robotics, Inc.
Corindus Vascular Robotics, Inc. is a global technology leader
in robotic-assisted vascular interventions. The Company’s CorPath®
platform is the first FDA-cleared medical device to bring robotic
precision to percutaneous coronary and vascular procedures. CorPath
GRX is the second-generation robotic-assisted technology offering
enhancements to the platform by adding important key upgrades that
increase precision, improve workflow, and extend the capabilities
and range of procedures that can be performed robotically. We are
focused on developing innovative robotic solutions to revolutionize
treatment of emergent conditions by providing specialized and
timely medical care to patients around the world. For additional
information, visit www.corindus.com, and follow @CorindusInc.
Forward Looking Statements
Statements made in this release that are not statements of
historical or current facts are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements may involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance or achievements of Corindus to be materially
different from historical results or from any future results or
projections expressed or implied by such forward-looking
statements. Accordingly, readers should not place undue reliance on
any forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties, readers are urged
to consider statements in the conditional or future tenses or that
includes terms such as "believes," "belief," "expects,"
"estimates," "intends," "anticipates" or "plans" to be uncertain
and forward-looking. Forward-looking statements may include
comments as to Corindus’ beliefs and expectations as to future
events and trends affecting its business and are necessarily
subject to uncertainties, many of which are outside Corindus’
control.
Examples of such statements are that:
- Corindus intends to use the proceeds
for general corporate purposes.
Important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are described in the sections titled "Risk Factors" in the
Company's filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, as well as reports on Form 8-K, including,
but not limited to the following: our ability to expand our
technology platform and achieve the advances necessary for
telestenting and remote procedures, including in humans; our
ability to expand our technology platform for use in other segments
of the vascular intervention market, including neurointerventional
and other more complex cardiac interventions; obtaining necessary
regulatory approvals for the use on humans and marketing of our
products in the United States and in other countries; risks
associated with market acceptance; our ability to enforce our
intellectual property rights; our need for additional funds to
support our operations; factors relating to engineering,
regulatory, manufacturing, sales and customer service challenges;
and potential safety and regulatory issues that could slow or
suspend our sales. Forward looking statements speak only as of the
date they are made. Corindus undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise that occur
after that date. More information is available on Corindus' website
at http://www.corindus.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190226005746/en/
Media Contacts:Corindus Vascular Robotics, Inc.Jessica
Wolter(978) 518-4536corindus@matternow.comInvestor
Contact:Lisa Wilson(917) 543-9932ir@corindus.com
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