Medtronic Adds Another $20 investment in Mazor Robotics
Posted on August 16, 2016 by Medtech[y] Staff
As previously reported, Medtronic entered into multiple commercial and equity agreements, with tranche investments coming once specific metrics are met. This second tranche investment comes thanks to the July unveiling of Mazor X.
The Medtronic co-promotion and co-development agreement is going well with Medtronic already placing orders for 15 Mazor X systems. The system is scheduled to launch in October at the North American Spine Society annual meeting in Boston and the company is already scheduling Bioskills labs for surgeons interested in checking out the tech.
“Since signing the agreements in May our two organizations have been working closely to ensure a successful partnership,” commented Ori Hadomi, Chief Executive Officer. “This investment by Medtronic reflects a key operating achievement - the unveiling of the Mazor X Surgical Assurance Platform – and in just a few short weeks we have received many inquiries from new surgeons, as well as interest from our existing Renaissance user base. The feedback is overwhelmingly positive and we plan to launch Mazor X at the NASS conference this October. I am confident it will advance and change the way spine surgery is performed.”
Mazor's stock has more than double since the beginning of the year and the positive news for the company looks to be in the early stages as Mazor X hasn't officially launched yet. With a total of $65 million in cash (fully diluted/$53 million) after the most recent investment by Medtronic, cash is not a concern and should aid in the success of the dual sales effort by Mazor and Medtronic once the system launches.