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Mazor Robotics to Receive $7.5 Million

Sells Surgical System to Texas Hospital

Written by Swagato Chakravorty
Posted October 3, 2012 at 3:56PM

Mazor Robotics (PINK: MZRTF) is having a good time. Back in August, the company had entered into a financing agreement with a group of investors led by Oracle Investment Management. Yesterday, Mazor announced that it had successfully secured the first tranche of the investment of $7.5 million.

The total investment amount will be up to $15 million in two parts. This investment will provide Mazor with further investment capital and allow it to implement an American Depository Receipt program on a U.S. stock exchange.

Mazor also announced that Humble Surgical Hospital in Humble, Texas, has acquired its Renaissance system. Humble is a multispecialty surgical hospital, physician-owned and established in 2009.

Market Watch reports:

"As an early adopter of the Renaissance technology, Humble Surgical Hospital represents the best-of-its kind medical facility with the utmost dedication to its patient base," said Ori Hadomi, Chief Executive Officer of Mazor. "This system sale further confirms the significant value that Renaissance adds to surgical practices, and it marks an outstanding achievement for our product."

Renaissance is Mazor’s surgical guidance system for spinal procedures, and it makes for ultra-precise operations with minimized radiation. It’s currently the only such technology available on the market.

Mazor Robotics develops and markets innovative surgical robots and complementary products in order to make surgeries safer for doctors, patients, and operating room staff.

So far, Mazor’s systems have featured in over 20,000 procedures across the U.S. and Europe, and numerous peer-reviewed publications have borne out the benefits of Mazor’s technology.

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