RESEARCH TRIANGLE PARK, N.C.–(BUSINESS WIRE)–TransEnterix, Inc. (NYSE MKT:TRXC) (the “Company”), a medical accessory aggregation that is beat the use of robotics to advance minimally invasive surgery, today appear that it has entered into a debt costs acceding with an associate of Innovatus Basic Partners, LLC (“Innovatus”) to accommodate the Aggregation with up to $17.0 actor in appellation loans.
“We are admiring to accomplice with Innovatus for our debt costs needs,” said Todd M. Pope, President and Chief Executive Officer of TransEnterix. “In affiliation with our afresh completed disinterestedness transaction, this basic will acquiesce us to abide our commercialization efforts in Europe, focus on the Senhance 510(k) approval action and aggrandize our U.S. bazaar development efforts. Innovatus has accurate to be a adjustable and committed basic provider at this analytical date of growth.”
On May 10, 2017, the Aggregation entered into a accommodation and aegis acceding (the “Loan Agreement”) with Innovatus pursuant to which Innovatus has agreed to accomplish assertive appellation loans in the accumulated arch bulk of up to $17.0 million, with the allotment of the aboriginal $14.0 actor tranche accepted to action aloft accomplishment of accepted allotment conditions. The Aggregation will be acceptable to draw on the additional tranche of $3,000,000 aloft accomplishment of assertive milestones, including approval for commercialization of Senhance by the U.S. Food and Drug Administration (“Senhance Clearance”). The Aggregation is advantaged to accomplish interest-only payments for twenty-four months so continued as it meets assertive milestones, including Senhance Approval by May 30, 2018. The loans will complete on the beforehand of (i) the fourth ceremony of the antecedent allotment date and (ii) twenty-four (24) months afterward the abortion to accomplish such interest-only milestones. The Accommodation Acceding includes accepted accreditation advantage and is anchored by all of the Company’s, and its calm and actual adopted subsidiaries’, assets. The Aggregation absolutely repaid its appellation loans with Silicon Valley Bank and Oxford Finance LLC on May 10, 2017. Proceeds will be acclimated for accepted accumulated and alive basic purposes.
“Innovatus is aflame about the accord of TransEnterix in the approaching use of robotics in the medical acreage with the Senhance Surgical Automatic System,” said Andrew Dym, co-founder and President of Innovatus. “Providing basic to such a beat and avant-garde aggregation is a cardinal antecedence for Innovatus and we attending advanced to continuing our accord for years to come.”
Additional capacity apropos the Company’s costs are included in the Company’s Accepted Report on Form 8-K which is accepted to be filed on or about May 10, 2017 with the Securities and Exchange Commission.
TransEnterix is a medical accessory aggregation that is beat the use of robotics to advance minimally invasive anaplasty by acclamation the analytic and bread-and-er challenges associated with accepted laparoscopic and automatic options. The aggregation is focused on the commercialization of the Senhance Surgical Automatic System, a multi-port automatic arrangement that brings the advantages of automatic anaplasty to patients while enabling surgeons with avant-garde technology such as haptic acknowledgment and eye analysis camera control. The aggregation additionally developed the SurgiBot™ System, a single-port, robotically added laparoscopic surgical platform. The Senhance Surgical Automatic Arrangement has been accepted a CE Mark but is not currently accessible for auction in the United States. For added information, appointment the TransEnterix website at www.transenterix.com.
About Innovatus Basic Partners
Innovatus Basic Partners, LLC, is an absolute adviser and portfolio administration close with ~$1.7 billion in assets beneath management. The close adheres to an advance action that identifies distressed, confusing and advance opportunities in the beneath accessible bazaar segments above assorted asset categories with a accumulation affair of basic preservation, assets generation, and upside optionality. Further advice can be begin at innovatuscp.com.
This columnist absolution includes statements apropos to the Senhance™ Surgical Automatic Arrangement and our accepted authoritative and commercialization affairs for this product. These statements and added statements apropos our approaching affairs and goals aggregate “forward attractive statements” aural the acceptation of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are advised to authorize for the safe anchorage from accountability accustomed by the Private Securities Litigation Reform Act of 1995. Such statements are accountable to risks and uncertainties that are generally difficult to predict, are above our ascendancy and which may account after-effects to alter materially from expectations and accommodate whether the basic will acquiesce us to abide our commercialization efforts in Europe, focus on the Senhance 510(k) approval action and aggrandize our U.S. bazaar development efforts.. For a altercation of the risks and uncertainties associated with TransEnterix’s business, amuse analysis our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K filed on March 6, 2017 and our added filings we accomplish with the SEC. You are cautioned not to abode disproportionate assurance on these advanced attractive statements, which are based on our expectations as of the date of this columnist absolution and allege alone as of the alpha date of this columnist release. We undertake no obligation to about amend or alter any advanced statement, whether as a aftereffect of new information, approaching contest or otherwise.
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