Here are five points:
1. Ally Bridge Group committed to a purchase of convertible notes maturing in 2020. The group also plans to purchase shares of its common stocks.
2. Medtech expects gross proceeds of $15 million.
3. The Convertible Notes will pay interest semi-annually at an annual rate of 2 percent in cash or accrued. The Notes will be convertible into common shares at the end of each quarter.
4. The company plans to use the net proceeds for the development of ROSA Brain and ROSA Spine as well as for corporate purposes.
5. Medtech is currently trying to obtain FDA clearance for ROSA Spine, which it expects to receive in the next few months.
“Particularly, ROSA Brain is establishing itself as the gold standard for minimally invasive epilepsy surgery around the world,” said Frank Yu, founder, CEO and CIO, Ally Bridge Group. “In the meantime, ROSA Spine is creating a new standard for minimally invasive spine surgery.”
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