Asensus Surgical Inc. is a cash‑strapped surgical company evaluating strategic alternatives, including a potential acquisition by Karl Storz. The company signed a non‑binding letter of intent to consider and negotiate terms with Karl Storz SE & Co. KG. Karl Storz has offered to buy Asensus for 35 cents per share, roughly $96 million. Asensus accepted a $10 million lifeline from Storz and, under certain circumstances, could access an additional $10 million from Storz prior to a merger; the article's title also reports a $20 million bridge loan. Asensus reported in March that its cash runway would run out in early July, signaling near‑term liquidity pressure. SafeStitch Medical (OTCBB:SFES) develops disposable devices for minimally invasive GI and obesity procedures. The company markets the AMID Hernia Fixation Device, an FDA-cleared (2009) tool launched in 2010 that uses the Lichtenstein method to implant mesh with less wound retraction. Adoption of AMID has been slow; SafeStitch said it had shipped the device to "over half a dozen" medical facilities as of last fall. Founded in 2005 in Miami to develop a minimally invasive obesity procedure, the company later expanded into multiple GI devices. A recent SEC filing shows a $3 million private placement from 17 investors, capital the company appears to be using to continue development of a transoral device and procedure to correct acid reflux (GERD) and cause weight loss. TransEnterix develops and commercializes the SPIDER single‑port surgical system, a device that enters through the bellybutton and opens inside the abdomen to give surgeons 360‑degree motion for minimally invasive procedures. The SPIDER reduces scarring and aims to shorten patient recovery times; a new version of the system launched last March. The company made the SPIDER commercially available in the U.S. in early 2010 and received a CE Mark for Europe later that year. TransEnterix is continuing to build sales for its minimally invasive surgical system and said the recent financing reflects investor confidence in its corporate strategy and ongoing device development. Financially, the firm has closed on $15 million in new financing, securities filings show $14.9 million in the equity round, and the company has raised more than $65 million in venture financing to date. The company is based in Research Triangle Park, North Carolina. TransEnterix makes the SPIDER System, a single-port, multi-channel laparoscopic surgical platform that enables minimally invasive abdominal procedures through a single port. The SPIDER System (Single Port Instrument Delivery Extended Reach) is designed to allow surgeons to perform procedures entirely through one access point. The company has secured capital to scale manufacturing and commercial operations in the Research Triangle Park in preparation for a U.S. market launch. In July 2009 TransEnterix completed a second institutional financing of $55M to support those plans. The financing also resulted in new board members joining the company. TransEnterix was founded in 2006 by Synecor LLC and is based in Durham, N.C. TransEnterix develops tools and devices for minimally invasive “trans-oral” gastrointestinal surgery, using an endoscope passed through the mouth and down the esophagus to reach the stomach wall and other natural entry points. The company’s approach is intended to enable surgeries without abdominal-wall incisions and could potentially supplant some laparoscopic procedures. Procedures are designed to be performed with patients consciously sedated. Synecor, a North Carolina incubator, founded TransEnterix and cites the company’s work on these endoscopic tools. The company raised $21 million in a first funding round to advance its program. The financing is intended to allow TransEnterix to deliver its first-generation tools, presumably for clinical trials, and to fund development of next-generation devices.

Total raised

$104M

Funding rounds

5

Latest round

Equity

Latest activity

Oct 2024