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Stereotaxis announces $25M private placement

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Stereotaxis announces $25M private placement

Stereotaxis Inc. said it is looking to raise $25 million via the sale of securities to certain institutional investors.

The St. Louis-based healthcare technology company will sell 12.2 million shares of common stock and convertible preferred stock to select healthcare-focused and growth-oriented institutional investors at $2.05 apiece. The financing will be led by Redmile Group and also Opaleye Management and Parkman Healthcare Partners.

Cowen is the exclusive placement agent for the private placement.

"A financing was not necessary to accomplish our strategic goals but will enhance our commercial growth initiatives and a second wave of innovation in electrophysiology and beyond," Stereotaxis Chairman and CEO David Fischel said in a statement.

Stereotaxis develops robotic technologies to treat cardiac arrhythmias, a heart condition characterized by an irregular heartbeat.