Medrobotics Closes $26 Million Series E Financing
Company Prepares for European Commercialization of the Ground-Breaking Flex® System in Otolaryngology
RAYNHAM, Mass.--Medrobotics Corp., a surgical products company with core competencies in medical robotics, announced today that it had closed its $26 Million Series E Preferred Stock financing. Existing Medrobotics shareholders and undisclosed new investors participated in the Series E raise. Proceeds will be used for regulatory preparations and submissions and for anticipated commercial launches in Europe and the United States.
The Company recently announced that it had received the CE mark for its Flex® System. "The Flex® System is the first robot-assisted flexible endoscopic platform for use during surgical procedures," said Samuel Straface, Ph.D., President and CEO of Medrobotics. "It extends the capability of surgeons to look and reach around corners and operate in hard-to-reach and confined spaces."
The Flex® System enables minimally invasive surgical procedures where conventional line-of-sight technologies are either not feasible or sub-optimal. Surgeons can navigate the Flex® Scope around anatomical structures to hard-to-reach locations through a single access site, and then use the onboard high-definition vision system to precisely deploy a range of proprietary and third party flexible surgical instruments. The uniquely "wristed" 3mm Flex® Instruments, which have also received the CE mark, enable the surgeon to further extend his or her reach to important and often challenging areas of the anatomy.
Minimally invasive surgery has demonstrated advantages for patients and providers compared to traditional open procedures, decreasing hospital stays and recovery times. The Flex® System was designed to provide a cost-effective, easy-to-use, and efficient robot-assisted surgical platform for hospitals and surgeons seeking to provide minimally-invasive treatment options to more patients.
About Medrobotics
Medrobotics Corporation (www.Medrobotics.com) is a privately-held company headquartered in Raynham, Massachusetts that is developing and commercializing the Flex® System, a robotic-assist platform that provides surgeons with single-site access and visualization of hard-to-reach anatomical locations. The Company's vision is to provide more patients with access to minimally invasive surgery, and, having received the CE mark for its Flex® System, Medrobotics is preparing the commercial launch of its products in Europe. These products are not currently approved for sale in the U.S.
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