Corindus Vascular Robotics announces closing of private placement for US$45m


Corindus Vascular Robotics has announced the closing of its previously announced private placement pursuant to which it issued and sold an aggregate of 68,055,700 shares of its common stock at a purchase price of US$0.6616 per share, resulting in aggregate gross proceeds to the company of approximately US$45m before deducting offering expenses. The company intends to use the proceeds for general corporate purposes, and to fund the company’s ongoing growth, including global commercialisation of its recently FDA-cleared next-generation CorPath GRX system.

In connection with the financing, Louis A Cannon was appointed to the company’s Board of Directors. Cannon is a practicing interventional cardiologist for the Michigan Heart and Vascular Specialists, the senior programme director for the McLaren Northern Michigan Heart and Vascular Institute, and the founder and president of the Cardiac & Vascular Research Center of Northern Michigan. He is also founder and senior managing director of BioStar Private Equity Fund I and BioStar Ventures Fund II and III.