Waltham, MA – May 28, 2015 - Corindus Vascular Robotics, Inc. (OTCQB: CVRS), a leading developer of precision vascular robotics, today announced the pricing of an underwritten public offering of 11,000,000 shares of its common stock at a public offering price of $3.80 per share. The gross proceeds from the sale of the shares, before underwriting discounts and other offering expenses, are expected to be approximately $41.8 million. All of the shares in the offering are to be sold by Corindus Vascular Robotics. The offering is expected to close on June 3, 2015, subject to the satisfaction of customary closing conditions. Corindus Vascular Robotics has granted the underwriters a 30-day option to purchase up to 1,650,000 additional shares of common stock.
Cowen and Company and Stifel are acting as joint book-running managers for the offering. National Securities Corporation is acting as co-manager for the offering.
In connection with the offering, the common stock of Corindus Vascular Robotics has been approved for listing on the NYSE MKT. Trading will commence on the NYSE MKT on Friday, May 29, 2015, under the symbol “CVRS”.
A registration statement on Form S-1 relating to the public offering of the shares of common stock described above was filed with, and declared effective by, the Securities and Exchange Commission (“SEC”). A preliminary prospectus related to the offering was filed with the SEC on May 26, 2015 and a final prospectus related to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the final prospectus related to the offering may also be obtained from Cowen and Company, LLC c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by calling (631) 274-2806 or by faxing (631) 254-7140, or Stifel, Nicolaus & Company, Incorporated, Attn: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by calling (415) 364-2720 or by emailing firstname.lastname@example.org
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall 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 the registration or qualification under the securities laws of any such state or other jurisdiction.
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
Examples of such statements include statements: