Stereotaxis Announces $25 Million Private Placement

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ST. LOUIS, Aug. 08, 2019 (GLOBE NEWSWIRE) -- (OTCQX: STXS), the global leader in innovative robotic technologies for the treatment of cardiac arrhythmias, today announced that it has entered into a securities purchase agreement with select institutional investors for a $25 million private placement.

In this private placement, Stereotaxis is selling approximately 12.2 million shares of common stock and convertible preferred stock at a purchase price of $2.05 per share to select healthcare-focused and growth-oriented institutional investors. The preferred stock is a common stock equivalent but non-voting and with a blocker on conversion into common stock if the holder would exceed a specified threshold of voting security ownership.  The financing was led by Redmile Group, and also included Opaleye Management and Parkman Healthcare Partners. Cowen acted as the exclusive placement agent for the private placement.

“We are grateful for the trust and confidence of the investors that joined us in our mission to improve patient care and transform electrophysiology with robotics,” said David Fischel, Chairman and CEO. “This financing reflects our shared excitement for Stereotaxis’ substantial near-term and long-term growth opportunities. A financing was not necessary to accomplish our strategic goals but will enhance our commercial growth initiatives and a second wave of innovation in electrophysiology and beyond.”

The securities to be issued upon the closing of the private placement transaction described in this press release have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and unless so registered, any such securities may not be offered or sold except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The Company has agreed to file a registration statement with the SEC covering the resale of the shares sold in the private placement following the closing of the transaction. Additional details regarding the offering will be included in the Form 8-K to be filed by Stereotaxis with the Securities and Exchange Commission.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

Martin C. Stammer                                                                             Chief Financial Officer

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Globe Newswire: 13:00 GMT Thursday 8th August 2019

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