Breaking Finance News

Why Hansen Medical is Up 20 Percent Wednesday (HNSN)

Shares of medical device company, Hansen Medical (NASDAQ: HNSN) are up 20 percent Wednesday after the company announced that it had entered into an agreement with Oracle Investment Management as well as other investors to secure $93 million of funding to be “used to support Hansen Medical’s efforts to commercialize the Magellan™ Robotic System, drive further adoption of the Sensei Robotic System and strengthen operations across the company.”

Hansen medical will receive an initial $35 million upon the purchase of common stock priced at $1.23 per share. Warrants will be priced at $0.125 for each totaling an additional $4 million in proceeds. If the warrants are exercised, it would net the company an additional $54 million.

The $100 million company develops, manufactures, and sells medical robots for the positioning of catheters.

Read more about the transaction here.

[stock-tools exchange="NASDAQ" symbol="HNSN" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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