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Hansen Medical Inc Announces Expanded Agreement With Intuitive Surgical Inc

Wednesday, 31 Oct 2012 06:30am EDT 

Hansen Medical Inc announced it has signed an updated license agreement with Intuitive Surgical Inc. Under the terms of the updated agreement, Intuitive Surgical's existing co-exclusive rights to Hansen Medical's patent portfolio to certain non-vascular approaches have been extended to include patents filed by Hansen Medical subsequent to the original 2005 agreement up to and including the period three years subsequent to this update. Hansen Medical retains the right to use its intellectual property for all clinical applications. This agreement is an update to the co-exclusive license agreement signed by the companies in 2005. Intuitive Surgical will pay Hansen Medical a $20 million up front license fee and will purchase 5,291,005 shares of Hansen Medical common stock for $10 million through a private placement transaction. The shares were priced at $1.89, which represents a 5% premium to the trailing 10-day average of Hansen Medical's closing bid price on the Nasdaq Capital Market on October 26, 2012. The shares are subject to an 18-month lock-up period. 

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-0.36 -0.08%
11:33am EDT