Oracle Investment invests $7.5m in Mazor Robotics
Mazor will seek to list ADRs on Nasdaq or the NYSE.
12 August 12 11:05, Extracted from Globes
Mazor Robotics Ltd. (TASE:MZOR), a maker of robotic navigation systems for spinal surgeries, has signed an agreement with two funds of Oracle Investment Managements Inc., which will invest an initial $7.5 million in the company and up to an additional $7.5 million over 36 months, subject to certain conditions.
Mazor will allot 7,053,529 shares to Oracle Investment, reflecting a price of NIS 4.25 per share. It will also give Oracle Investment warrants convertible into the same number of shares at the same price, exercisable for 36 months from the closing of the deal. The strike price will be either NIS 6 or Mazor's average price over the ten days preceding the exercise of the option, whichever is lower, but not less than NIS 4.25 per share.
Mazor also undertakes to register Class 2 American Depository Receipt (ADR) on either Nasdaq or the New York Stock Exchange within 240 days of the closing. When the registration is completed, the shares and warrants allotted to Oracle Investments will immediately be converted into ADR's at Mazor's expense.
Larry Feinberg founded Oracle Investments in 1993 to invest in the global health care and bioscience industries.
Editor's note: Mazor Robotics was founded out of patented innovations from the lab. of Technion Prof. Moshe Shoham.