TransEnterix opens $50m follow-on funding round

TransEnterix (NYSE:TRXC) said yesterday that it’s looking for $50 million from a follow-on offering of common stock to finance the sales and marketing of its SurgiBot robot-assisted surgery device.

The Research Triangle Park, N.C.-based company has not yet revealed the amount of shares, share price or date the offering will open.

Stifel and RBC Capital Markets will be book-runners on the offering, with Raymond James and BTIG as co-managers, TransEnterix said.

The offering comes a week after TransEnterix announced it submitted an application for 501(k) clearance of its SurgiBot system. TransEnterix claims the SurgiBot is the 1st patient-side robotically enhanced laparoscopy platform, designed to be wheeled to a patient’s bedside.

Piper Jaffray analyst Matt O’Brien predicted that TransEnterix will hit the U.S. market in early 2016, having a modest impact on Intuitive Surgical (NSDQ:ISRG), maker of the da Vinci surgical robot and the largest player in the robot-assisted surgery space. SurgiBot will do more to expand the market rather than take share from Intuitive, O’Brien wrote in a note to investors.

TransEnterix in 2013 merged with SafeStitch Medical, which later took the company’s name and combined stock for both companies.

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