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Hansen Medical secures $30 million loan

Fri, 12/09/2011 - 6:45am
The Associated Press

MOUNTAIN VIEW, Calif. (AP) — Hansen Medical Inc. said Friday it secured a $30 million loan that will help its cash position in combination with a recent equity placement and milestone payment as it works to bring a major product to market.

The Mountain View, Calif., company makes products that use robotics to manipulate and control catheters. It said the loan provides it with a strong cash position as it waits to start selling its Magellan Robotic System in Europe. It also anticipates receiving regulatory clearance for a U.S. launch in the second quarter.

The loan, secured through Oxford Finance and Silicon Valley Bank, includes a 9.45 percent interest rate.

Hansen recently received a $3 million milestone payment. The company also said last month it agreed to sell $10 million in stock to Oracle Partners LP and Jack W. Schuler, the director and former chairman of medical waste management company Stericycle Inc. Schuler also is co-founder and a partner in private investment firm Crabtree Partners.

Hansen shares climbed 4 percent, or 9 cents, to $2.36 in midday trading while broader trading indexes were up less than 1 percent.

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