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Transenterix Spikes Higher After Equity Investment, AutoLap Asset Sale

Tanzeel Akhtar

Transenterix (NYSE: TRXC) said Wednesday it's selling AutoLap’s assets to Great Belief International Limited for $47 million. The company also announced Great Belief International Limited is making an equity investment of $30 million In Transenterix’s common stock at $2.00 per share payable on or before Sept. 30.

Transenterix is a medical device company. AutoLap is an image-based scope positioning system used for traditional laparoscopic procedures.

"AutoLap has a track record of success with laparoscopic surgeons across a wide variety of procedures around the globe,” said TransEnterix CEO Todd Pope. “GBIL [Great Belief International[ has been a great partner for us in the past, and we believe they will be successful in bringing the benefits of the AutoLap product to the greatest number of laparoscopic surgeons worldwide."

Transenterix shares were trading up 35% at $1.72 at time of publication. The stock has a 52-week high of $6.98 and a 52-week low of $1.03.

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Photo courtesy of Transenterix.

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