A Medical Device Daily Staff Report
Medrobotics (Raynham, Massachusetts), an emerging medical robotics company developing the Flex Robotic System, reported the conversion of notes totaling $33.6 million purchased through recent financings into Series D Preferred Stock. Existing Medrobotics shareholders and undisclosed new investors participated in the Series D raise. Proceeds will be used for regulatory preparations and submissions and for anticipated commercial launches next year in Europe and the U.S.
“Patients, surgeons, and hospitals will all benefit from the Flex Robotic System's enabling minimally invasive surgical technology,“ said Samuel Straface, PhD, president/CEO of Medrobotics. “The Flex Robotic System will provide transoral single-site access and visualization for surgery in hard-to-reach locations in the throat and voice box. Minimally invasive surgery has been shown to be more cost-effective and less painful for the patient and also leads to quicker hospital discharge and faster recovery.“
The Flex Robotic System is anticipated to provide a cost-effective, robot-assisted surgical platform for hospitals and surgeons eager to expand their offering of minimally invasive treatment options. In addition to ENT, the platform is being developed for several other single-site access surgical applications with difficult-to-reach anatomies.
In other financings news, Echo Therapeutics (Philadelphia) said it intends to offer for sale its common stock in an underwritten public offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
Echo Therapeutics is developing the Symphony tCGM system as a non-invasive, wireless, transdermal continuous glucose monitoring system. The target population is patients who could benefit from glucose monitoring in the hospital setting, including critical care.