The Israeli business daily Globes reported yesterday that Mazor Robotics has filed a draft prospectus with the U.S. Securities and Exchange Commission to raise up to $46 million through the sale of American depositary shares on the Nasdaq stock market. American depositary shares make it easier for U.S. investors to invest in foreign companies; in this case, each share equals two Mazor shares listed on the Tel Aviv Stock Exchange.
For complete details, see the Globes article here: Mazor Robotics files to raise $46m on Nasdaq
The report says proceeds from the offering would be used to expand the company’s sales and marketing network in the U.S., which Mazor has identified as a significant growth opportunity for the company. This reiterates comments by CEO Ori Hadomi back in May — when Mazor announced its first quarter 2013 results — that the company was dedicating 80 percent of its investment dollars to its U.S. growth strategy. At that time, the company’s U.S. sales and marketing team had already doubled since the previous year.
Mazor’s flagship product is Renaissance, a robotic system that aids surgeons in performing spine surgeries. The company announced in August that it had ended its second quarter with 54 systems installed globally.
[ photo courtesy of Mazor Robotics ]