Corindus Vascular Robotics Secures $15 Million Private Placement to Advance Global Expansion of CorPath® Robotic System

VCBeat (WeChat Official Account: vcbeat) has learned that Corindus Vascular Robotics, a leading developer of medical robots, announced on February 26 that it had signed a private placement agreement worth $15 million with a major investment institution. Under the agreement, Corindus Vascular Robotics will sell approximately 10.9 million shares of common stock at an acquisition price of $1.3796 per share, generating total proceeds of approximately $15 million. The funds will be used to expand the global reach of Corindus Vascular Robotics’ CorPath® robotic surgical system.

Corindus Vascular Robotics was founded on May 4, 2011, and is headquartered in Waltham, Massachusetts. The company, formerly known as Your Internet Defender, underwent multiple restructurings and acquisitions before adopting its current name on August 12, 2014. It is dedicated to the design, manufacture, and commercialization of remote precision robotic-assisted systems for interventional therapy (hereinafter referred to as the “CorPath® System”).

Corindus Vascular Robotics’ first commercial product, the CorPath 200 robotic system, is the first FDA-approved medical device for assisting in percutaneous coronary intervention (PCI) procedures, helping physicians improve precision and accuracy during stent placement.

During CorPath robot-assisted PCI procedures, physicians sit at a radiation-shielded workstation and use a touchscreen and joystick; the system helps precisely measure anatomy and device positioning, thereby reducing radiation exposure for both physicians and patients.

Although Corindus Vascular Robotics initially targeted PCI procedures, its leading technology platform has enabled the development of peripheral applications, positioning it for significant success in the vascular surgery market, including peripheral interventions, neurointerventional therapy, interventional radiology, and cardiac interventions.

Last year, Corindus Vascular Robotics achieved a new technological breakthrough as its CorPath robotic surgical platform was utilized in India’s first-in-human remote robotic intervention study. This study marked the world’s first percutaneous coronary intervention (PCI) performed from a remote location outside the catheterization laboratory. During the trial, five patients at Apex Heart Institute in India underwent procedures while located approximately 20 miles away from the lab. The surgeries were conducted by Dr. Tejas Patel, Chairman and Chief Interventional Cardiologist at Apex Heart Institute, from the Akshardham Temple in Gandhinagar, India, while his partner, Dr. Sanjay Shah, provided on-site patient care at Apex Heart Institute.

On February 14, Corindus Vascular Robotics submitted a Premarket Approval (PMA) application to the FDA for its second-generation robotic system, CorPath GRX, for use in neurovascular interventions (NVI). The CorPath GRX received FDA approval for percutaneous coronary interventions (PCI) in 2016 and for peripheral vascular interventions (PVI) in 2018. Upon successful FDA approval, Corindus Vascular Robotics’ CorPath GRX robotic platform will become the world’s first and only robotic platform applied to PCI, PVI, and NVI treatments.

(Compiled by Tan Xin)