WALTHAM, MA, September 12, 2014 – Corindus Vascular Robotics, Inc. [OTCQB: CVRS], a leading developer of precision vascular robotics ("Corindus" or the "Company"), announced today that it entered into a Securities Purchase Agreement pursuant to which the Company will issue and sell to certain accredited investors an aggregate of 10,666,570 shares of the Company's Common Stock in a private placement at a purchase price of $2.50 per share, resulting in aggregate gross proceeds to the Company of approximately $26.6 million. The Company has agreed to file a registration statement covering the resale of all shares issued in the private placement.
Cowen and Company, LLC ("Cowen") and Stifel, Nicolaus & Company, Incorporated ("Stifel") acted as placement agents for the transaction.
The securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the U.S. absent registration or an applicable exemption.
David M. Handler, CEO, Corindus Vascular Robotics, Inc., stated, "This funding will enable expansion of our sales team and product commercialization, and continued investment in product innovation. We are also committed to advocating for interventional cardiologists by focusing on the key issues and concerns that impact them in the cath lab, such as the importance of precision in performing coronary angioplasties and protection from occupational hazards such as radiation exposure to both physicians and their patients."
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 interventional procedures. 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.
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 event
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