TransEnterix (NYSE:TRXC) said yesterday that it took out a $17 million term loan with an affiliate of Innovatus Capital Partners that it plans to use to get its Senhance robot-assisted surgery platform past the FDA.
The Research Triangle Park, N.C.-based company also posted 1st-quarter earnings that missed the consensus forecast by a penny.
The 1st $14 million tranche of the term loan is slated to drop “upon satisfaction of customary funding conditions,” with the remaining $3 million pegged to milestones including 510(k) clearance for Senhance.
“We are pleased to partner with Innovatus for our debt financing needs,” president & CEO Todd Pope said in prepared remarks. “In conjunction with our recently completed equity transaction, this capital will allow us to continue our commercialization efforts in Europe, focus on the Senhance 510(k) clearance process and expand our U.S. market development efforts. Innovatus has proven to be a flexible and committed capital provider at this critical stage of growth.”
“Innovatus is excited about the participation of TransEnterix in the future use of robotics in the medical field with the Senhance surgical robotic system,” added Innovatus co-founder & president Andrew Dym. “Providing capital to such a pioneering and innovative company is a strategic priority for Innovatus and we look forward to continuing our relationship for years to come.”
Also yesterday, TransEnterix posted losses of -$15.4 million, or -13¢ per share, on sales of $1.9 million for the 3 months ended March 31, widening losses by 19.4% compared with Q1 2016, when the company was still in its development phase. Analysts on Wall Street were looking for losses of -12¢ per share.
TRXC shares closed down -0.9% at 61.3¢ apiece yesterday.