Mazor Robotics has announced CE mark approval for its Mazor X Surgical Assurance Platform. The approval allows Mazor and its commercial partner, Medtronic, to market the Mazor X in the European Union, and other countries that recognise the CE mark.
“Receipt of the CE Mark is an important step in our plan to expand the patient, surgeon and hospital benefits of the Mazor X Surgical Assurance Platform to the European market,” said Ori Hadomi, Mazor’s Chief Executive Officer. “Our commercial partner for the Mazor X, Medtronic, will be responsible for marketing and selling the system in Europe and we look forward to working with them to ensure a successful launch.”
We spoke to Dennis DeVito (Atlanta, USA) last year about his experiences with the Mazor X robotic system.
Medtronic invests in Mazor
Mazor Robotics has also announced the closing of the third tranche equity investment by Medtronic, as part of their partnership. This investment was disclosed on August 30, 2017. Medtronic previously participated in second tranche investment in the company.
Mazor issued 1.04 million American Depositary Shares (ADSs) at US$38.46 per ADS, which is equal to the weighted average price of the ADSs for the trailing 20-day period ending on and including August 29, 2017, for an aggregate purchase price of US$40 million.
In addition, Mazor issued to Medtronic warrants to purchase an additional 1.21 million ADSs at an exercise price of US$44.23 per ADS, which represents a 15% premium over the per share price for the US$40 million equity investment. Medtronic has the right to exercise the warrants immediately in whole or in part, for cash, and they expire after 18 months from the issuance date.