Hansen Medical raises cash
Hansen Medical ($HNSN), known for its Magellan robotic assisted surgical system, raised $10 million in a new equity offering, according to a regulatory filing.
The money follows Hansen's recent move to expand a co-exclusive licensing deal with Intuitive Surgical ($ISRG), maker of the da Vinci surgical robots. That arrangement called for Intuitive to pay a $20 million licensing fee by Nov. 2, and also to acquire $10 million in Hansen common stock by Oct. 29. As MedCity News notes, Intuitive is now Hansen's third largest shareholder.
Hansen isn't a huge hit yet, but the company is worth following as it pursues a commercial roll-out of its Magellan products, four months after obtaining FDA clearance to use Magellan for peripheral vascular surgeries.
For now, that effort appears to be a mixed bag. In Hansen's 2012 third quarter, the company generated $5.1 million in revenue, down from $5.4 million over the same period in 2011. But Hansen-related robotic procedures are rising, as is installation of the company's Magellan and Sensei robotic surgical systems. Hansen isn't making money yet; the company lost $8.4 million during Q3. That's down from $10.1 million in net losses in the 2011 third quarter, thanks in part to lower equity awards
Hansen's cash burn rate is still pretty high though: $7.8 million in the quarter compared to $9.1 million in the previous quarter. Hansen reported just $21.6 million in cash and equivalents on hand as of June 30, though the expanded deal with Intuitive obviously creates more cushion as the company's commercial rollout continues.