Corindus Announces $25 Million Private Placement of Series A Convertible Preferred Shares and Warrants

WALTHAM, Mass.--(BUSINESS WIRE)--Corindus Vascular Robotics, Inc. (NYSE American: CVRS), a leading developer of precision vascular robotics, announced today that it has entered into definitive agreements to issue newly-designated Series A Convertible Preferred Stock to a select group of existing investors including Hudson Executive Capital and BioStar Ventures, and new investors, for gross proceeds of $25 million before deducting offering expenses. Under the terms of the transaction, the Company will issue shares of Series A Convertible Preferred Stock convertible into 20,000,000 shares of its Common Stock at a rate of $1.25 per share. The Company is also issuing to the investors warrants to purchase an aggregate of 8,750,000 shares of the Company’s Common Stock at an exercise price of $1.40 per share. The transaction is expected to close on or about March 16, 2018, and is subject to customary closing conditions. The closing price per share of the Company’s Common Stock on the NYSE American on March 15, 2018 was $1.29 per share.