Medtronic has completed the second tranche of a previously agreed equity investment in Mazor Robotics.
According to a press release, the triggering milestone for this second tranche investment was the July 12, 2016 unveiling by the company of Mazor X.
“Since signing the agreements in May our two organizations have been working closely to ensure a successful partnership,” comments Ori Hadomi, chief executive officer. “This investment by Medtronic reflects a key operating achievement – the unveiling of the Mazor X Surgical Assurance Platform – and in just a few short weeks we have received many inquiries from new surgeons, as well as interest from our existing Renaissance user base. The feedback is overwhelmingly positive and we plan to launch Mazor X at the NASS conference this October. I am confident it will advance and change the way spine surgery is performed.”
Following the completion of the second tranche investment, Medtronic has purchased a total of 1.96 million ADS’s, representing 7.27% of Mazor’s issued and outstanding share capital, on a fully diluted basis, for a total of US$31.9 million.
As of June 30, 2016, cash, cash equivalents and investments totalled US$47.5 million. Following the completion of the second equity investment, the company’s cash, cash equivalents and investments will total approximately US$65 million and the fully diluted share count will be approximately 53.9 million.