Computer Motion Completes $11.5 Million Common Stock Financing.Business Editors SANTA BARBARA, Calif.--(BUSINESS WIRE)--Feb. 13, 2002 Company Announces Conversion of Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. Into Common Shares and Cancellation of Equity Line Agreement Computer Motion, Inc. (Nasdaq:RBOT RBOT Rotating Bomb Oxidation Test ), the world's leading developer of surgical robotic systems, today announced that it has completed a private placement of common stock with certain institutional and accredited investors, including members of management, raising gross proceeds of approximately $11.5 million. The common shares were priced at $4.10. In addition, the purchasers were each issued a five-year warrant exercisable to purchase one share of common stock at $5.00 per share for every two shares of common stock purchased in the private placement. The cash from the private placement of common stock will be used to repay an outstanding note, hire additional sales and marketing personnel, and for general working capital. Separately, Computer Motion announced that prior to closing the private placement of common stock, the holders of its Series B Preferred Stock issued on February 16, 2001 converted all of their remaining shares into common stock. Approximately 2.5 million common shares were issued in connection with the conversion of the Series B Preferred Stock. Computer Motion today also announced that it has terminated its equity line agreement with Societe Generale. "Computer Motion's balance sheet is substantially strengthened and more importantly, our cash position is greatly improved. The new placement and the conversion of the preferred stock are both very positive events demonstrating investor confidence in Computer Motion's accelerating success. We are very pleased with our stronger and more simplified capital structure. This brings the total equity money raised this year to approximately $13.0 million," stated Robert W. Duggan, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Computer Motion. Following conversion of the Series B Preferred and the subsequent common stock financing, the Company has approximately 17.0 million common shares outstanding. Computer Motion is a high-tech medical device company evolving surgical practices to enhance patient lives. The company develops, manufactures and markets proprietary computer-enhanced and robotic surgical systems that enhance surgeons' capabilities, improve patient outcomes and reduce costs. Computer Motion plays a significant role in transitioning the surgical community from current open procedures to endoscopic en·do·scope n. An instrument for examining visually the interior of a bodily canal or a hollow organ such as the colon, bladder, or stomach. en procedures that are less painful and traumatic to the patient. Computer Motion's FDA-cleared products include: the ZEUS(R) Robotic Surgical System for new minimally invasive microsurgery microsurgery or micromanipulation Surgical technique for operating on minute structures, with specialized, tiny precision instruments under observation through a microscope, sometimes equipped with cameras to show the operation on a monitor. , the HERMES(TM) Control Center, a centralized system that enables the surgeon to voice control a network of "smart" medical devices, and the AESOP Aesop (ē`səp, ē`sŏp), legendary Greek fabulist. According to Herodotus, he was a slave who lived in Samos in the 6th cent. B.C. and eventually was freed by his master. (R) Robotic Endoscope endoscope, any instrument used to look inside the body. Usually consisting of a fiber-optic tube attached to a viewing device, endoscopes are used to explore and biopsy such areas as the colon and the bronchi of the lungs. Positioner, which was also the first FDA-cleared surgical robot surgical robot Surgery A device used to perform some surgical procedures Pros Smaller incisions, ↓ pain, correction of surgeon error and tremors, ↓ infections and other post-surgical complications, faster recovery, better outcomes Cons to be made commercially available in the U.S. The company's newest product, the SOCRATES Socrates (sŏk`rətēz), 469–399 B.C., Greek philosopher of Athens. Famous for his view of philosophy as a pursuit proper and necessary to all intelligent men, he is one of the great examples of a man who lived by his principles even (TM) Telecollaboration System, is the first device to be cleared by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. in the newly created category of Robotic Telemedicine Devices, and is designed to facilitate surgeon collaboration using video and audio conferencing, shared control of the endoscopic camera, and video annotation on the surgical image in the operating room operating room n. Abbr. OR A room equipped for performing surgical operations. . The company's products are CE-Marked for commercial sale in the European Community. The company's Web site is www.ComputerMotion.com. This press release contains forward-looking statements concerning the company's business and products. Actual results may differ materially depending on a number of risk factors, including the risks of competition and competing technologies, duration or suspension of clinical studies, regulatory clearances and approvals, and physician, hospital and payor acceptance of the company's products. These factors and other risks inherent in the company's business are described from time to time in the company's Securities and Exchange Commission filings, including its Annual Report on Form 10-K. The company undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. |
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