Funding Robotics Surgery

TransEnterix to raise up to $25m from stock purchasing agreement

TransEnterix (NYSE:TRXC) could raise up to $25 million under a stock purchasing agreement with Lincoln Park Capital Fund.

Under the agreement, announced yesterday, TransEnterix has a 36-month period to sell the stock — with money going toward the surgical robotic company’s general corporate purposes including working capital, product development and capital expenditures.

“The company expects this commitment to provide us with additional balance sheet strength in order to pursue our strategy for delivering long-term value,” TransEnterix CEO Anthony Fernando said in a news release.

Research Triangle Park, N.C.– based TransEnterix touts its Senhance System as a more economical option when it comes to laparoscopic and robotic systems, with haptic feedback, surgeon camera control via eye sensing and improved ergonomics. But it only sold three Senhance Systems in 2019.

The company is seeking a better year in 2020 — turning to a strategy of leasing the systems to major hospitals in order to increase adoption. The company is also looking to package more artificial intelligence features in the Senhance system.

“In 2020, we are focused on expanding the number of sites utilizing Senhance globally, increasing the volume of procedures being performed, generating meaningful clinical and economic evidence that supports the utilization of Senhance, and further expanding our product portfolio,” Fernando said.

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