Flexible robotics firm Hansen Medical raises $10 million

Mountain View, California-based Hansen Medical (NASDAQ:HNSN), which makes flexible robotics for medical applications, has raised $10 million, according to a regulatory filing.

Founded in 2002, the company went public in 2006. It’s main products are the Magellan Robotic System, Sensei Robotic Catheter System and Artisan Control Catheter. The Magellan Robotic System and the Magellan Control Catheter were approved by the Food and Drug Administration in June. The Magellan system is a “new peripheral vascular robotic catheter system designed to enable physicians to remotely and precisely manipulate robotically steerable catheters and standard guidewires using advanced controls and visualization,” according to the company’s website. In other words, it is a robotic catheterization system needed in intravascular procedures.

The company’s industry partners include St. Jude Medical, GE Healthcare, Siemens and Philips. Intuitive Surgical has a co-exclusive licensing agreement for Hansen’s patents, and on Oct. 31, expanded that agreement with a $20 million upfront licensing fee. Intuitive also bought $10 million of Hansen’s stock and became the third largest shareholder of the company.

In the quarter ended Sept. 30, Hansen’s net loss narrowed to $8.4 million, or 14 cents per share, from a loss of $10.1 million, or 18 cents per share. Even though loss narrowed, third-quarter revenue declined to $5.1 million from $5.4 million in the same quarter a year ago.



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