Corindus Vascular Robotics Files Required Registration Statement for Holders of Recently Completed $19.8 Million Private Plac...
29 March 2019 - 9:45PM
Business Wire
Shares sold in private placement are subject to
contractual six-month lock-up
Corindus Vascular Robotics, Inc. (“Corindus” or
the “Company”) (NYSE American: CVRS), a leading developer of
precision vascular robotics, announced today that it filed a
registration statement on behalf of investors that participated in
its recently completed private placement. As previously disclosed,
earlier this quarter, Corindus sold shares of its common stock to a
large institutional investor and certain existing stockholders with
contractual preemptive rights, including Hudson Executive Capital
(“HEC”) and BioStar Ventures, for aggregate gross proceeds of
approximately $19.8 million. HEC purchased an amount in excess of
their allotment under the preemptive rights. HEC is an affiliate of
Douglas L. Braunstein and BioStar Ventures is an affiliate of Louis
A. Cannon M.D., both of whom are directors of the Company. The
shares sold in the private placement are subject to a contractual
six-month lock-up.
In addition, Corindus has suspended the use of its at-the-market
offering program with Cowen and Company, LLC.
In connection with the private placement, Corindus entered into
a registration rights agreement with the investors requiring it to
register the resale of the shares, it being understood that the
shares could not be sold for a period of six-months from the
closing pursuant to the lock-up.
Under the registration rights agreement, the Company was
required to file the registration statement with the Securities and
Exchange Commission within 90 days of the closing and is required
to use commercially reasonable efforts to have it declared
effective within 180 days of the closing.
About Corindus Vascular Robotics, Inc.
Corindus Vascular Robotics, Inc. is a global technology leader
in robotic-assisted vascular interventions. The Company’s CorPath®
platform is the first FDA-cleared medical device to bring robotic
precision to percutaneous coronary and vascular procedures. CorPath
GRX is the second-generation robotic-assisted technology offering
enhancements to the platform by adding important key upgrades that
increase precision, improve workflow, and extend the capabilities
and range of procedures that can be performed robotically. We are
focused on developing innovative robotic solutions to revolutionize
treatment of emergent conditions by providing specialized and
timely medical care to patients around the world. For additional
information, visit www.corindus.com, and follow @CorindusInc.
Forward Looking Statements
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
events and trends affecting its business and are necessarily
subject to uncertainties, many of which are outside Corindus’
control.
Examples of such statements include statements regarding or such
as:
- Corindus’ suspension of its
at-the-market offering program.
Important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are described in the sections titled "Risk Factors" in the
Company's filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, as well as reports on Form 8-K, including,
but not limited to the following: our ability to expand our
technology platform and achieve the advances necessary for
telestenting and remote procedures, including in humans; our
ability to expand our technology platform for use in other segments
of the vascular intervention market, including neurointerventional
and other more complex cardiac interventions; obtaining necessary
regulatory approvals for the use on humans and marketing of our
products in the United States and in other countries, including for
stroke and other neurovascular interventions; the rate of adoption
of our CorPath System and the rate of use of our cassettes; risks
associated with market acceptance, including pricing and
reimbursement; our ability to enforce our intellectual property
rights; our need for additional funds to support our operations;
our ability to manage expenses and cash flow; factors relating to
engineering, regulatory, manufacturing, sales and customer service
challenges; potential safety and regulatory issues that could slow
or suspend our sales; and the effect of credit, financial and
economic conditions on capital spending by our potential customers.
Forward looking statements speak only as of the date they are made.
Corindus undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise that occur after that date. More
information is available on Corindus' website at
http://www.corindus.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190329005090/en/
Media Contact:Matter for CorindusJessica
Wolter978-518-4536corindus@matternow.comwww.matternow.com
Investor Contact:Lisa WilsonIn-Site Communications, Inc.T:
917-543-9932ir@corindus.com
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