By Devika Patel
Knoxville, Tenn., Oct. 29 - MAKO Surgical Corp. said it will take in up to $60 million in a private placement of shares. Of the proceeds, $40 million will settle initially, and the company has conditional access to an additional $20 million.
The financing, led by Montreux Equity Partners and Skyline Ventures, included Alta Partners and certain existing MAKO shareholders as investors.
The company will sell 6,451,613 common shares at $6.20 apiece in the initial tranche. The remainder will settle after certain milestones are achieved.
The investors will also receive warrants for 1,290,323 shares, exercisable at $7.44.
The investors who have agreed to provide the additional $20 million investment will also receive warrants to purchase an additional 322,581 shares at $6.20 per share.
Proceeds will be used to support the anticipated commercialization of version 2.0 of the TGS and its MAKO-branded bi-compartmental implant and disposable products, for continuing research and development of MAKO's future products and for the continuing expansion of operations and working capital to support growth.
MAKO, which is focused on knee replacement medical devices, has Makoplasty for rapid patient recovery and improved anatomical functionality.
| Issuer: | MAKO Surgical Corp.
|
| Issue: | Common stock
|
| Amount: | $40 million
|
| Shares: | 6,451,613
|
| Price: | $6.20
|
| Warrants: | For 1,612,904 shares
|
| Warrant strike price: | $7.44 (for 1,290,323 shares), $6.20 (for 322,581 shares)
|
| Investor: | Montreux Equity Partners and Skyline Ventures (leads), Alta Partners
|
| Pricing date: | Oct. 29
|
| Stock symbol: | Nasdaq: MAKO
|
| Stock price: | $6.22 at close Oct. 28
|
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