Raynham, Mass.-based Medrobotics Corp. has successfully converted notes worth $33.6 million into Series D preferred stock; the stock has been bought both by current shareholders and undisclosed investors.
According to the company, the proceeds will go toward regulatory submissions and further commercialization, as Medrobotics looks to expand across Europe and the U.S.
Medrobotics is worth paying attention to because of the Flex Robotic System, its robotic-assistance device that allows surgeons to reach complicated locations within the human body.
The robot offers a highly precise platform for electronic visualization, and third-party tools can be hooked up to the system to allow for dual-handed tactile feedback.
From the Boston Business Journal:
“Patients, surgeons, and hospitals will all benefit from the Flex Robotic System’s enabling minimally invasive surgical technology,” said Samuel Straface, president and CEO of Medrobotics, in a statement. “The Flex Robotic System will provide transoral single-site access and visualization for surgery in hard-to-reach locations in the throat and voice box. Minimally invasive surgery has been shown to be more cost-effective and less painful for the patient and also leads to quicker hospital discharge and faster recovery.”
Back in August last year, Medrobotics had filed with the SEC as part of a $20 million offering for about $8 million in combined equities, warrants, and other options. At the time, there were 18 investors involved.