Mazor Surgical Technologies Raises $13M in Public Offering
BY LAUREN UZDIENSKI, OCTOBER 26, 2009
Israel-based Mazor Surgical Technologies has raised NIS 48 million ($13 million) in shares and warrants in a public offering that closed this week. Total proceeds include funding from an institutional offering to Yorkville Advisors LLC, which was announced last week and made up to $15 million in stock available to YA. The public tender was oversubscribed and priced at NIS 9.10 ($2.47) per share, above the minimum price of NIS 8.50 ($2.30) per share and the YA price of NIS 8.70 ($2.36) per share.
Mazor has been listed on the Tel Aviv Stock Exchange under the ticker TASE:MZOR since 2007. The company manufactures robotics for spine surgery, including the SpineAssist, which has been sold since 2004 and aids surgeons in placing implants, and a c-arm that delivers 3-D images. Additionally, the company recently announced that they were partnering with the Cleveland Clinic to develop the Guided Oblique Lumbar Interbody Fusion Solution (GO-LIF), an MIS fusion system with an oblique lumbar approach.
This offering underscores what we've observed in recent private placement activity: interest in orthopedic technologies remains high, though the investor profile may be changing. While the dollar amount invested in the orthopedic industry is roughly the same year-to-date as it was at the start of the recession late last year, investors are more inclined to fund companies that have products on the market and may have less patience for time-to-market delays. Public companies are also of interest to venture capitalists, who have traditionally focused on early-stage investments, because an IPO isn't needed for liquidity.
