TransEnterix, Inc. (NYSE MKT:TRXC), a medical device company that is
pioneering the use of flexible instruments and robotics to improve
minimally invasive surgery, today announced the pricing of its
previously announced underwritten public offering of 12.5 million shares
of its common stock at a public offering price of $4.00 per share for
total gross proceeds of $50.0 million. TransEnterix has also granted the
underwriters a 30-day option to purchase up to an additional 1.875
million shares of common stock to cover over-allotments, if any.
Net proceeds from the sale of the shares, after deducting the
underwriters’ discounts and other estimated offering expenses payable by
TransEnterix, are expected to be approximately $46.2 million.
TransEnterix plans to use the net proceeds from this offering for
research and development, sales and marketing, and commercialization
related to its SurgiBotTM system, working capital and other
general corporate purposes. The offering is subject to customary closing
conditions and is expected to close on Monday, April 21, 2014.
On April 15, 2014, TransEnterix’s common stock will begin trading on the
NYSE MKT under the symbol “TRXC.” In connection with its listing on the
NYSE MKT, the Company’s common stock will cease trading on the OTC
Bulletin Board.
Stifel and RBC Capital Markets are acting as the joint book-running
managers and Ladenburg Thalmann & Co. and Raymond James are acting as
co-managers for the offering.
This offering was made pursuant to a preliminary prospectus supplement
and accompanying prospectus dated April 2, 2014, filed as part of
TransEnterix’s effective $100 million shelf registration statement.
Copies of the preliminary prospectus supplement and accompanying
prospectus relating to these securities may be obtained by contacting
Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One
Montgomery Street, Suite 3700, San Francisco, California 94104, by
calling (415) 364-2720 or by emailing SyndicateOps@stifel.com,
or RBC Capital Markets, LLC, Attention: Equity Syndicate, Three World
Financial Center, 200 Vesey Street, 8th Floor, New York, New York 10281
by calling (877) 822-4089 or by faxing (212) 428-6260.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor will 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 registration
or qualification under the securities laws of any such state or other
jurisdiction.
About TransEnterix
TransEnterix is a medical device company that is pioneering the use of
flexible instruments and robotics to improve minimally invasive surgery.
The Company is focused on the development and commercialization of
SurgiBot™, a minimally invasive surgical robotic system that allows the
surgeon to be patient-side within the sterile field. For more
information, visit the company's website at www.transenterix.com.
Forward-Looking Statements
This press release includes statements relating to the proposed
offering of our common stock. These statements and other statements
regarding our future plans and goals constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934, and are
intended to qualify for the safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995. Such statements
are subject to risks and uncertainties that are often difficult to
predict, are beyond our control, and which may cause results to differ
materially from expectations and include our expectations regarding the
proposed offering and use of proceeds and whether our common stock will
be listed on the NYSE MKT. For a discussion of the most significant
risks and uncertainties associated with TransEnterix's business, please
review our filings with the Securities and Exchange Commission (SEC),
including our Annual Report on Form 10-K for the year ended December 31,
2013 and subsequent SEC reports. You are cautioned not to place undue
reliance on these forward looking statements, which are based on our
expectations as of the date of this press release and speak only as of
the date of this press release. We undertake no obligation to publicly
update or revise any forward looking statement, whether as a result of
new information, future events or otherwise.
Copyright Business Wire 2014