Hansen Medical announces FDA Clearance of the Magellan 6Fr Robotic Catheter; triggers the mandatory exercise of ~ $14 mln of Series A Warrants (2.23 )

Co announced it has received FDA clearance for its smaller diameter Magellan 6Fr Robotic Catheter for peripheral vascular interventions. Additionally, the FDA clearance of the Magellan 6Fr Robotic Catheter triggers the mandatory exercise of $14 mln of Series A Warrants that were issued as part of the private placement of stock and warrants that was announced on July 31, 2013. The Company issued approximately 11 mln Series A warrants with a per share exercise price of $1.23 as part of the private placement transaction. The holders of these Series A warrants are required to exercise the warrants, upon 15 days' notice of the FDA clearance of the 6Fr catheter, and the Company expects to provide notice to holders today. The Company also issued 11 mln Series B Warrants with an exercise price of $1.50, and 11 mln Series C warrants with an exercise price of $2.00 as part of the private placement transaction. These warrants expire in August of 2015 and are not subject to mandatory exercise.

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