PRTODAY / NewswireToday Free press release distribution service network

More news: Health/Surgery
Written by / Agency / Source: TransEnterix, Inc.

Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

SafeStitch Medical Completes Merger with TransEnterix - $30 Million Financing Raised from Existing TransEnterix and SafeStitch Medical Stockholders - Combined Company to be Renamed TransEnterix -
SafeStitch Medical Completes Merger with TransEnterix


NewswireToday - /newswire/ - Research Triangle Park, NC, United States, 2013/09/04 - $30 Million Financing Raised from Existing TransEnterix and SafeStitch Medical Stockholders - Combined Company to be Renamed TransEnterix - NYSE: TRXC

Your Banner Ad Here instead - Showing along with ALL Articles covering Health/Surgery Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


SafeStitch Medical, Inc. and TransEnterix, Inc., a privately-held company, today announced that they have closed SafeStitch’s previously announced acquisition of TransEnterix. The combined company is expected to be renamed TransEnterix, subject to stockholder approval, and headquartered in the Research Triangle, NC. The company will continue to trade under the name SafeStitch Medical, Inc. on the OTCBB under the symbol SFES until the anticipated name change is approved by stockholders, which is expected to occur in the fourth quarter of 2013.

Todd M. Pope, the Chief Executive Officer of TransEnterix, will serve as the Chief Executive Officer and a Director of the combined company. Paul LaViolette, a Partner at SV Life Sciences and Chairman of TransEnterix, will serve as the Chairman of the combined company’s Board of Directors. Dr. Jane Hsiao, the former Chairperson of SafeStitch Medical will continue to serve as a Director of the combined company, and Dr. Phillip Frost, Chief Executive Officer and Chairman of OPKO Health and Chairman of Teva Pharmaceutical Industries has joined as a Director. The remaining Directors are Dr. Aftab R. Kherani, Principal of Aisling Capital; David B. Milne, Managing Partner at SV Life Sciences; Dennis J. Dougherty, Managing General Partner of Intersouth Partners; Richard C. Pfenniger, former Chief Executive Officer of Continucare Corporation and a member of the SafeStitch Board pre-merger; and William N. Starling, Managing Director of Synergy Life Science Partners, LP.

Mr. Pope commented,“We believe the business combination with SafeStitch will enhance our ability to bring flexible minimally invasive surgical technologies to market. This accompanying fundraising provides the company with the resources to advance the development of SurgiBot™, a novel patient side minimally invasive surgical robotic system.”

Merger Transaction and Financing

Under the terms of the merger agreement with TransEnterix, SafeStitch Medical issued approximately 105.5 million shares of its common stock to stockholders of TransEnterix, has reserved approximately 17.0 million shares for exercise of TransEnterix options and warrants, and paid an aggregate of approximately $350,000 in cash to TransEnterix’s former stockholders whose TransEnterix shares did not convert to SafeStitch shares.

Perella Weinberg Partners acted as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati acted as legal counsel to TransEnterix. Greenberg Traurig, P.A. acted as legal counsel to SafeStitch Medical.

Concurrent with the closing of the merger, SafeStitch raised $30.2 million, before offering expenses, in a private placement of its equity securities. Existing TransEnterix investors contributed $19.7 million and Dr. Phillip Frost and Dr. Jane Hsiao, either personally or through affiliated entities, along with other existing SafeStitch investors, contributed an additional $10.5 million in the financing.

About SafeStitch Medical

SafeStitch Medical is a development stage medical device company focused on the development of medical devices that manipulate tissues for the treatment of obesity, gastroesophageal reflux disease (“GERD”), hernia formation, and other conditions through endoscopic and minimally invasive surgery.

About TransEnterix

TransEnterix ( is a development stage medical device company that is pioneering the use of flexible instruments and robotics to improve how minimally invasive surgery is performed. TransEnterix is focused on the development and commercialization of SurgiBot™, a novel patient side minimally invasive surgical robotic system.

This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipate," "believes," "should," "intends," "estimates," and other words of similar meaning, including statements regarding our product development and commercialization efforts, benefits of combining TransEnterix and SafeStitch Medical, expected changes to the SafeStitch Medical charter documents and our ability to significantly improve clinical outcomes in patients, as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects. Many factors, including those described herein and in our filings with the Securities and Exchange Commission, could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include, but are not limited to: whether the merger will develop significant advances in minimally invasive surgery, including bringing TransEnterix’s robotic surgery platform to market, and whether the merger will provide resources sufficient to develop a new minimally invasive robotic surgery system. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements, except as required under applicable law. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.

Your Banner Ad Here instead - Showing along with ALL Articles covering Health/Surgery Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


Written by / Agency / Source: TransEnterix, Inc.


Availability: All Regions (Including Int'l)


Traffic Booster: [/] Quick Newswire Today Visibility Checker


Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

# # #
  Your Banner Ad showing on ALL
Health/Surgery articles,
CATCH Visitors via Your Competitors Announcements!

SafeStitch Medical Completes Merger with TransEnterix

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

TransEnterix | SafeStitch Medical
Publisher Contact: Karen Stinneford - Sinclair-Co for TransEnterix 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any TransEnterix, Inc. securities in any jurisdiction including any other companies listed or named in this release.

Health/Surgery via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Read Latest Articles From TransEnterix, Inc. / Company Profile

Read Health/Surgery Most Recent Related Newswires:

Stress Light Therapy Launches Crowd-Funded Campaign on
The Float Space - Brisbane's First Float and Cryo Therapy Centre to Open This November
Thought Leaders Across the Healthcare Spectrum to Participate in Industry-Wide Survey
Frost & Sullivan Names Optum 2016 North America Company of the Year for Population Health Management
R-Pharm Produces Biological Drugs in Yaroslavl with GE Healthcare's FlexFactory™ Manufacturing Platform
GE to Invest €150 Million in Biopharmaceutical Manufacturing Campus in Cork, Ireland, and Establish Advanced Manufacturing Training Centre At NIBRT
Moriarty Physical Therapy of the Hudson Valley Expands with New Office in Lagrange, NY
Ultimate Medical Group Announces A New Regenerative Medicine Division
Dr. Amir Hanna Introduces New Medical Innovation Taking the Pain Out of Physical Therapy
Samitivej Children’s Hospital Transforms its Sukhumvit Campus
Apollo eDoc Launched Online Appointment Platform
Digital Health and Point of Care Driving Growth Opportunities in the Rise of Mobile Molecular Diagnostics Says Frost & Sullivan
New Veterinarian Joins DPC Veterinary Hospital in Davie
Aggressive Expansion and Consolidation Strategies Define APAC’s Top Fifty Healthcare Services Companies Finds Frost & Sullivan
Frost & Sullivan Lauds VitreosHealth’s Advanced Predictive Analytics Solution for Providing Accurate Predictive Risk Analyses of a Population’s Health

Boost Your Social Network
& Crowdfunding Campaigns

NewswireToday Celebrates 10 Years in Business


Visit  Intrinsic Executive Search Ltd

Visit  MagLar, Inc.

  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (