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Hansen obtains debt facility for Magellan Robotic System

Hansen Medical, a developer of robotic technologies, has obtained a $30m debt facility from Oxford Finance and Silicon Valley Bank.

Hansen Medical president and CEO Bruce Barclay said they are pleased to have secured this debt financing by extending their long-term relationship with Silicon Valley Bank, and adding a new financial partner in Oxford Finance.

"This facility, along with the recently announced $10 million equity private placement, and $3 million milestone payment received under our joint development agreement with Philips, provides the company with a strong cash position as we begin to market our Magellan Robotic System in Europe and anticipate the Magellan’s 510(k) clearance and initial launch in the US in the second quarter of 2012," Barclay said.

By 31December 2012, if the company’s Magellan Robotic System will receive 510(k) clearance, the facility will extend the interest-only period till June 2013.