Hansen Medical Taps Secondary Market (HNSN)

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Hansen Medical, Inc. (NASDAQ: HNSN) announced last night the pricing of a spot secondary offering via Morgan Stanley as the sole underwriter for the deal.

The size indication of 2.5 million shares that had just been indicated yesterday was bumped up to 3.0 million shares.  The company stock closed up $0.52 at $14.58 in yesterday’s trading.

We frequently discuss secondary offerings, special financings, restructurings, insider activity, activist investor trends, IPO’s, back door plays into IPO’s, SPAC’s, spin-offs, and more on our open email distribution list.

This is also one that Cramer had given a huge endorsement to in referring to it as the next Intuitive Surgical. What is interesting here is the company’s "regulatory update" on this spot secondary offering:

  • Hansen Medical, Inc. is continuously receiving new information regarding the performance of the Sensei system during procedures as the number of procedures using the Sensei system increases…… the Company is continually evaluating events that may require adverse event reporting to the FDA under its MDR regulations and anticipates having to do so in the future. The FDA requires reporting of all adverse events to the extent that the device cannot be conclusively ruled out as a contributing factor. We believe, based on our analysis of these events to date, that the MDR reports will not materially impact our current regulatory status. However, the FDA may request further information, which potentially could delay the Company’s pending 510(k) application, or which could result in further regulatory action.

Hansen shares are indicated down 5% at $13.85 in pre-market trading this morning; and its and its 52-week trading range is $13.48 to $39.42.

Jon C. Ogg
April 2, 2008

Jon Ogg produces the Special Situation Investing Newsletter and he can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.