WALTHAM, Mass.--(BUSINESS WIRE)--Corindus Vascular Robotics, Inc. (NYSE MKT: CVRS), a leading developer of precision vascular robotics, today announced the closing of its previously announced private placement pursuant to which it issued and sold an aggregate of 68,055,700 shares of its common stock at a purchase price of $0.6616 per share, resulting in aggregate gross proceeds to the Company of approximately $45,000,000 before deducting offering expenses. The Company intends to use the proceeds for general corporate purposes, and to fund the Company's ongoing growth, including global commercialization of its recently FDA-cleared next-generation CorPath® GRX System.
In connection with the financing, Louis A. Cannon, M.D., a recognized leader in cardiovascular research and development, was appointed to the Company’s Board of Directors. Dr. Cannon is a practicing Interventional Cardiologist for the Michigan Heart and Vascular Specialists, the Senior Program Director for the McLaren Northern Michigan Heart and Vascular Institute, and the founder and President of the Cardiac & Vascular Research Center of Northern Michigan. He is also founder and Senior Managing Director of BioStar Private Equity Fund I and BioStar Ventures Fund II and III ("BioStar"), all closely-held private companies, which together manage over $150 million in venture capital and over $400 million in assets and management. BioStar participated in the Company’s private placement.
"Corindus will play a major transformational role in cardiac and vascular intervention," stated Dr. Cannon. "This technology reduces procedural variability, physician fatigue and radiation exposure, especially in lengthy procedures. Robotics also has the future potential to treat strokes and heart attacks tele-robotically. If we can treat patients tele-robotically from hospital centers of excellence, we can impact humanity in a truly meaningful way, especially in geographic areas that lack the required physician expertise."
About Corindus Vascular Robotics, Inc.
Corindus Vascular Robotics, Inc. is a global technology leader in robotic-assisted vascular interventions. The company's CorPath® System is the first FDA-cleared medical device to bring robotic precision to percutaneous coronary interventions. During the procedure, the interventional cardiologist sits at a radiation-shielded workstation to advance guide catheters, stents, and guidewires with millimeter-by-millimeter precision. The workstation allows the physician greater control and the freedom from wearing heavy lead protective equipment that causes musculoskeletal injuries. With the CorPath System, Corindus Vascular Robotics brings robotic precision to interventional procedures to help optimize clinical outcomes and minimize the costs associated with complications of improper stent placement during manual procedures. Corindus stands behind its product with its unique $1,000 hospital credit "One Stent Program." For additional information, visit www.corindus.com, and follow @CorindusInc.
