CAESAREA, Israel--(BUSINESS WIRE)--Mazor Robotics Ltd., (TASE: MZOR), a developer of innovative surgical robots and complementary products, announced today it has closed a PIPE funding round of $6.3 million, led by the Phoenix Holdings Company and including the participation of additional leading Israeli financial institutions. Mazor will use the capital to expand its worldwide sales and marketing operations.
"The completion of this funding round is a very important milestone for our company and we are honored that Israel's leading financial institutions have expressed their trust and support in Mazor Robotics' technology and business," said Ori Hadomi, CEO of Mazor Robotics. "I am confident that this capital will allow us to significantly expand our worldwide marketing and sales activities and provide us with the ability to accelerate sales in our target markets in the US, Europe and Asia."
The funding will significantly strengthen Mazor's ability to capture greater market share and to fully demonstrate the capabilities of SpineAssist to spine surgeons, neurosurgeons and orthopedic surgeons in key markets, specifically in the U.S. Recently, the Company hired Christopher Sells, a 20-year veteran in the medical robotic industry and formerly the VP of Sales and Marketing at Intuitive Surgical, to lead Mazor's U.S. sales efforts. Mazor also hired additional members for its US sales team, including a number of executives from the robotic medical industry.
"The combination of this funding and our expansion of the U.S. team, plus the significant interest of leading American medical centers in expanding and developing robotic spine programs, has the Company perfectly positioned to gain substantial market share in 2011," added Hadomi. "Over the last several months, we have sold numerous systems in the U.S. and Europe and we look forward to providing additional hospitals, surgeons and patients with the market's most advanced robotic spine surgery system."
SpineAssist is a specifically designed surgical robotic system that enables surgeons to conduct spine surgeries in an accurate and secure manner. The system has been successfully used in the placement of thousands of implants in the US, Europe and Israel and has been scientifically proven to increase the accuracy of spinal implants and significantly lower rates of misplaced screws and neurological deficits. For patients, this translates to fewer complications and revisions; and the minimally invasive technique contributes to faster recovery, with less pain and scarring. Additionally, the SpineAssist results in less radiation exposure for the patient, surgeon and entire OR team while in surgery.
About Mazor Robotics
Mazor Robotics (TASE:MZOR) is dedicated to the development and marketing of innovative surgical robots and complementing products that provide a safer surgical environment for patients, surgeons and OR staff. Mazor’s flagship product, SpineAssist®, is a specifically designed surgical robotic system that enables surgeons to conduct spine surgeries more accurately and safely. The system has been successfully used in the placement of thousands of implants in the US and Europe. Multiple peer-reviewed publications and presentations at leading scientific conferences have validated the accuracy, usability and clinical advantages of SpineAssist. For more information, please visit www.mazorrobotics.com.