Asensus Surgical (NYSE:ASXC) announced today that it entered into a definitive agreement for the purchase and sale of $10 million in common stock.
Research Triangle Park, North Carolina-based Asensus’ offering includes just over 23.8 million shares of common stock. It also includes warrants to purchase the same amount of shares in a registered direct offering. H.C. Wainwright & Co. serves as the exclusive placement agent for the offering.
Asensus plans to sell the shares and accompanying warrants at a combined purchase price of 42¢ per share. The warrants have an exercise price of 42¢ per share. They come immediately exercisable and expire five years following the date of issuance. Asensus expects the offering to close on or about July 31, 2023, subject to customary closing conditions.
The company intends to use gross proceeds from its offering for general corporate purposes, according to a news release. That may include working capital and funding for research and development activities.
Asensus develops the Senhance surgical robotics platform, its flagship offering for Performance-Guided Surgery. It’s a first-of-its-kind digital laparoscopic surgical robot. Senhance uses augmented intelligence to perform procedures through machine learning. Earlier this month, a U.S. hospital initiated a pediatric program with Senhance, which picked up a pediatric indication from the FDA in March.
The company has another surgical robotics platform under development, too — the Luna system. In February, Asensus unveiled the next-generation surgical robot platform.
Asensus designed Luna as an integrated digital surgery solution. It features a next-generation surgical platform and instruments, plus real-time intraoperative clinical intelligence. Its final component, a secure cloud platform, applies machine learning to deliver clinical insights. Luna enables Asensus’ vision of performance-guided surgery, President and CEO Anthony Fernando told MassDevice in an interview.