Hansen Medical, one of the top companies on the planet in intravascular robotic and electrophysiology systems, reported today on the successful closure of a long-term debt agreement with San Francisco-based, SEC-registered specialty lending products and investment management services firm, White Oak Global Advisors, LLC, valued at $33M. Financial advisory and consulting firm, The DiBari Group, LLC, which has over a decade of debt capital procurement experience focusing on healthcare, life sciences, and technology, acted as debt advisor to HNSN in the agreement.
Peter J. Mariani, CFO of HNSN, was pleased at the closure of this interest-only credit facility (through Dec 30, 2017, at which time the principal is due) that will infuse significant capital into the operation over the next 28 month alongside the recently announced private placement of equity securities which stands to bring in some $93M gross over the next two years. The company will be leaning hard into commercialization of their Magellan platform and further development of the Sensei X platform, as well as reinforcing operations across the board with this capital infusion and the long-term debt deal alone provides HNSN with $25M, representing a handsome upgrade from their previous debt agreement that required monthly principal payments (set to start earlier this month).
The Mountain View, California-based HNSN has made a name for itself on the global life sciences stage with their precision catheter robotics designed to safely and effectively guide therapeutic devices into the peripheral vasculature. Products like the Sensei® X Robotic Catheter System and its companion catheters, the Artisan Control and Artisan Extend® Control Catheters, are cleared by CE marking and 510k clearance (EU/U.S.) for use in electrophysiology procedures like treating atrial fibrillation (the most common form of cardiac arrhythmia).
The company’s Lynx® Robotic Ablation Catheter is also designed to work with the Sensei X but has a smaller profile, extended reach and stability, as well as a irrigated ablation catheter, designed to provide optimal treatment of cardiac arrhythmia and is a godsend for treating atrial fibrillation in particular. Also designed to utilize fluoroscopy, ultrasound, 3D surface map and patient electrocardiogram data, this system represents a new paradigm in the treatment of atrial fibrillation.
HNSN is now looking at quarterly cash interest payments based on an annual interest rate of 11.0% (plus an additional 3.0% per year to be paid along with the principal) under the same class of senior secured facility as the previous facility and no warrants were issued as a result, a great deal. HNSN plans to release a Form 8-K with the SEC today and investors will be able to get a closer look at the details of the new debt facility therein.
To get a close look at Hansen Medical, visit www.HansenMedical.com
Let us hear your thoughts below:
