Hansen Medical Announces Expanded Agreement With Intuitive Surgical
Intuitive Surgical to Pay $20 Million to Acquire an Extended License
to Certain Patents in Hansen Medical's Patent Portfolio and Purchase
$10 Million of Hansen Medical Stock
MOUNTAIN VIEW, CA -- (Marketwire) -- 10/31/12 -- Hansen Medical,
Inc. (NASDAQ: HNSN), a global leader in intravascular robotics, today
announced it has signed an updated license agreement with Intuitive
Surgical (NASDAQ: ISRG).
Under the terms of the updated agreement, Intuitive Surgical's
existing co-exclusive rights to Hansen Medical's patent portfolio to
certain non-vascular approaches have been extended to include patents
filed by Hansen Medical subsequent to the original 2005 agreement up
to and including the period three years subsequent to this update.
Hansen Medical retains the right to use its intellectual property for
all clinical applications. This agreement is an update to the
co-exclusive license agreement signed by the companies in 2005.
Intuitive Surgical will pay Hansen Medical a $20 million up front
license fee and will purchase 5,291,005 shares of Hansen Medical
common stock for $10 million through a private placement transaction.
The shares were priced at $1.89, which represents a 5 percent premium
to the trailing 10-day average of Hansen Medical's closing bid price
on the Nasdaq Capital Market on October 26, 2012. The shares are
subject to an 18-month lock-up period.
"We are pleased to have this opportunity to deepen our relationship
with Intuitive Surgical," said Bruce Barclay, President and CEO of
Hansen Medical. "We view this transaction as a significant validation
of our technology from the global pioneer in medical robotics.
Importantly, the capital received as part of this agreement will
further strengthen our balance sheet, with a significant portion of
the new capital being non-dilutive to our current shareholders. Given
our strategic focus on intravascular robotics, a large and growing
market with a significant unmet clinical need, this capital will
further support our global launch of the Magellan(TM) Robotic
Under terms of the agreement the $10 million private placement closed
on Monday October 29, 2012, and the $20 million upfront license fee
will be paid on Fr
iday, November 2, 2012.
About Hansen Medical, Inc.
Hansen Medical, Inc., based in Mountain
View, California, is the global leader in intravascular robotics,
developing products and technology designed to enable the accurate
positioning, manipulation and control of catheters and catheter-based
technologies. The Company's Magellan(TM) Robotic System,
NorthStar(TM) Robotic Catheter and related accessories, which are
intended to facilitate navigation to anatomical targets in the
peripheral vasculature and subsequently provide a conduit for manual
placement of therapeutic devices, have undergone both CE marking and
510(k) clearance and are commercially available in the European
Union, and the U.S. In the European Union, the Company's Sensei(R) X
Robotic Catheter System and Artisan Control Catheter are cleared for
use during electrophysiology (EP) procedures, such as guiding
catheters in the treatment of atrial fibrillation (AF), and the
Lynx(R) Robotic Ablation Catheter is cleared for the treatment of AF.
This robotic catheter system is compatible with fluoroscopy,
ultrasound, 3D surface map and patient electrocardiogram data. In the
U.S. the Company's Sensei X Robotic Catheter System and Artisan
Control Catheter were cleared by the U.S. Food and Drug
Administration for manipulation and control of certain mapping
catheters in EP procedures. In the United States, the Sensei System
is not approved for use in guiding ablation procedures; this use
remains experimental. The U.S. product labeling therefore provides
that the safety and effectiveness of the Sensei X System and Artisan
Control Catheter for use with cardiac ablation catheters in the
treatment of cardiac arrhythmias, including AF, have not been
established. Additional information can be found at
This press release contains
forward-looking statements regarding, among other things, statements
relating to goals, plans, objectives, milestones and future events.
All statements, other than statements of historical fact, are
statements that could be deemed forward-looking statements, including
statements containing the words "plan," "expects," "potential,"
"believes," "goal," "estimate," "anticipates," and similar words.
These statements are based on the current estimates and assumptions
of our management as of the date of this press release and are
subject to risks, uncertainties, changes in circumstances and other
factors that may cause actual results to differ materially from the
information expressed or implied by forward-looking statements made
in this press release. Examples of such statements include statements
about the potential benefits of our technology and the value of our
intellectual property portfolio. Important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements include, among others: engineering,
regulatory, manufacturing, sales and customer service challenges in
developing new products and entering new markets; potential safety
and regulatory issues that could slow or suspend our sales; the
effect of credit, financial and economic conditions on capital
spending by our potential customers; the uncertain timelines for the
sales cycle for newly introduced products; the rate of adoption of
our systems and the rate of use of our catheters; the scope and
validity of intellectual property rights applicable to our products;
competition from other companies; our ability to recruit and retain
key personnel; our ability to maintain our remedial actions over
previously reported material weaknesses in internal controls over
financial reporting; our ability to manage expenses and cash flow,
and obtain additional financing; and other risks more fully described
in the "Risk Factors" section of our Quarterly Report on Form 10-Q
for the quarter ended June 30, 2012 filed with the SEC on August 9,
2012 and the risks discussed in our other reports filed with the SEC.
Given these uncertainties, you should not place undue reliance on the
forward-looking statements in this press release. We undertake no
obligation to revise or update information herein to reflect events
or circumstances in the future, even if new information becomes
Hansen Medical, Heart Design (Logo), Hansen Medical (with Heart
Design), Sensei and Lynx are registered trademarks, and Magellan and
NorthStar are trademarks of Hansen Medical, Inc. in the United States
and other countries.
Peter J. Mariani
Chief Financial Officer
Hansen Medical, Inc.
FTI Consulting, Inc.
Press spacebar to pause and continue. Press esc to stop.