Medtronic Completes Second Tranche Equity Investment in Mazor Robotics (MZOR)
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Mazor Robotics Ltd. (Nasdaq: MZOR) announced the completion of the second tranche of the equity investment by Medtronic pursuant to a previously executed agreement between the parties. The Company issued new securities representing 3.40% percent of Mazor's issued and outstanding share capital, on a fully diluted basis, at a price per ADS $21.84, which is equal to the volume weighted average price of the ADS’s for the trailing 20-day period ending on and including August 9, 2016, for an aggregate purchase price of $20 million. The triggering milestone for this second tranche investment was the July 12, 2016 unveiling by the Company of Mazor X, a transformative Surgical Assurance Platform to enhance predictability of spine surgeries for the benefit of patients and those who treat them..
“Since signing the agreements in May our two organizations have been working closely to ensure a successful partnership,” commented Ori Hadomi, Chief Executive Officer. “This investment by Medtronic reflects a key operating achievement - the unveiling of the Mazor X Surgical Assurance Platform – and in just a few short weeks we have received many inquiries from new surgeons, as well as interest from our existing Renaissance user base. The feedback is overwhelmingly positive and we plan to launch Mazor X at the NASS conference this October. I am confident it will advance and change the way spine surgery is performed.”
Following the completion of the second tranche investment, Medtronic has purchased a total of 1.96 million ADS’s, representing 7.27% of Mazor's issued and outstanding share capital, on a fully diluted basis, for a total of $31.9 million.
As of June 30, 2016, cash, cash equivalents and investments totaled $47.5 million. Following the completion of the second equity investment, the Company’s cash, cash equivalents and investments will total approximately $65 million and the fully diluted share count will be approximately 53.9 million.
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