RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--
TransEnterix, Inc. (NYSE MKT:TRXC), a medical device company that is
pioneering the use of robotics to improve minimally invasive surgery,
announced today that it has entered into a common stock purchase
agreement ("Commitment") with Lincoln Park Capital Fund, LLC ("Lincoln
Park"), a Chicago-based institutional investor.
According to the terms and conditions of the Commitment, TransEnterix
will have the right, in its sole discretion, to sell to Lincoln Park up
to $25.0 million in shares of the Company's common stock over a 36-month
period. Any common stock sold to Lincoln Park will occur at a purchase
price based on the Company's prevailing market prices at the time of
each sale to Lincoln Park. TransEnterix will control the timing and
amount of any sales to Lincoln Park, and Lincoln Park will be obligated
to make purchases in accordance with the stock purchase agreement.
Proceeds will be used for general corporate purposes.
"The Company expects this Commitment to provide us with additional
balance sheet strength and to help continue funding our Senhance
regulatory and commercial efforts," said Todd M. Pope, President and CEO
There are no upper limits on the price Lincoln Park may pay to purchase
common stock from TransEnterix. No warrants, derivatives, financial or
business covenants, or rights on future financings are associated with
the Commitment, and Lincoln Park has agreed not to cause or engage in
any direct or indirect short selling or hedging of the Company's common
stock. In consideration for entering into the Commitment, TransEnterix
issued shares of common stock to Lincoln Park as a commitment fee and
additional shares of common stock will be issued to Lincoln Park pro
rata as shares of common stock are sold to Lincoln Park pursuant to the
Commitment. The stock purchase agreement may be terminated by
TransEnterix at any time, at its sole discretion, without any additional
cost or penalty.
A more detailed description of the stock purchase agreement and the
Commitment is set forth in the TransEnterix's Current Report on Form 8-K
as filed with the SEC on December 19, 2016, which the company encourages
you to read.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in the described
offering, nor will there be any sale of these securities in any
jurisdiction in which such offer solicitation or sale are unlawful prior
to registration or qualification under securities laws of any such
About TransEnterix, Inc.
TransEnterix is a medical device company that is pioneering the use of
robotics to improve minimally invasive surgery by addressing the
clinical and economic challenges associated with current laparoscopic
and robotic options. The company is focused on the commercialization of
the Senhance™ Surgical Robotic System, a multi-port robotic system that
brings the advantages of robotic surgery to patients while enabling
surgeons with innovative technology such as haptic feedback and eye
sensing camera control. The company is also developing the SurgiBot™
System, a single-port, robotically enhanced laparoscopic surgical
platform. The Senhance Surgical Robotic System has been granted a CE
Mark but is not currently available for sale in the United States. For
more information, visit the TransEnterix website at www.transenterix.com.
About Lincoln Park Capital Fund, LLC.
Lincoln Park is an institutional investor headquartered in Chicago,
Illinois. Lincoln Park's experienced professionals manage a portfolio of
investments in public and private entities. These investments are in a
wide range of companies and industries emphasizing life sciences,
specialty financing, energy and technology. Lincoln Park's investments
range from multiyear financial commitments to fund growth to special
situation financings to long-term strategic capital offering companies
certainty, flexibility and consistency. For more information, visit www.lpcfunds.com.
Forward Looking Statements
This press release contains "forward looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, which are intended to qualify for
the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Such statements are subject to risks and
uncertainties that are often difficult to predict, are beyond our
control and which may cause results to differ materially from
expectations and include whether the Commitment will provide the company
with additional balance sheet strength as anticipated. For a discussion
of the risks and uncertainties associated with TransEnterix's business,
including those related to the regulatory approval for and
commercialization of our products, please review our filings with the
Securities and Exchange Commission (SEC), including our Annual Report on
Form 10-K filed on March 3, 2016, our most recent periodic report on
Form 10-Q, and our other filings we make with the SEC. You are cautioned
not to place undue reliance on these forward looking statements, which
are based on our expectations as of the date of this press release and
speak only as of the origination date of this press release. We
undertake no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
View source version on businesswire.com: http://www.businesswire.com/news/home/20161220005261/en/
For TransEnterix, Inc.
(For EU) Conrad Harrington, +44 (0)20 3178 8914
US) Hannah Dunning, +1 415-618-8750
Source: TransEnterix, Inc.
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