Virtuoso Surgical announced today that its $20 million stock offering became effective after review by the U.S. SEC.
Nashville, Tennessee-based Virtuoso develops a surgical robot system for minimally invasive endoscopic surgery. Its founders developed its patented technology at Johns Hopkins University and Vanderbilt University. They did so through funding from the National Science Foundation and the National Institutes of Health.
The company’s surgical robot system demonstrated feasibility in animal, cadaver and tissue model studies. Surgeries conducted included bladder cancer, uterine fibroids, enlarged prostate, central airway obstruction removal and endoscopic neurosurgery, among others.
Virtuoso said its technology can provide dexterity in any procedure where tools are delivered through rigid endoscopes. These procedures include urology, gynecology, neurology, interventional pulmonology, orthopedics, thoracic surgery, ear, nose and throat (ENT) and other sub-specialties.
“We are not aware of any technology that accomplishes the dexterity, precision and force of the Virtuoso Surgical device, at such a small diameter,” said Robert J. Webster, III, Virtuoso co-founder and president. “It enables surgeons to use two hands to perform more accurate interventions deep in the body through endoscopes.”
The company made its offering under SEC Regulation A, Tier 2. That means any U.S. person can invest in the company, Virtuoso said. The offering is for the sale of common stock — the company’s first such offering to the public.
“We are excited about the opportunity to sell our common stock to the public,” said S. Duke Herrell, co-founder, interim CEO and CMO. “We expect to complete the design of our system by the end of this year, and to conduct final testing of the system in 2023. The capital that we will raise through this offering of common stock will, we believe, propel our system through final design, testing and FDA approval for sale in the United States.”