Hansen Medical Inc. (Nasdaq: HNSN) to Raise $10 Million

Tallahassee, FL 11/7/11 (StreetBeat) --Hansen Medical Inc (Nasdaq: HNSN) said on Monday it will raise about $10 million in a private placement, sending its shares up 16 percent as investors cheered the medical device maker's effort to stabilize its cash flow.

Ladenburg Thalmann & Co analyst Jeffrey Cohen said the announcement would help lessen investor concerns over the company's cash position.

"The company had said they expect to burn $10-$12 million per quarter and the cash position is $26 million. My sense is that the announcement this morning would help alleviate any Street concerns," Cohen told Reuters.

The company will sell its shares at $2.09 apiece to stockholders Oracle Partners and Jack Schuler, and expects to close the placement on Nov. 9.

Analyst Cohen said the company may also use the cash for the U.S. regulatory approval process for its catheter, Magellan Robotic System, which assists doctors in vascular surgeries by helping them navigate through complex anatomy and reducing their exposure to radiation.

Hansen expects to get U.S. marketing approval for the device by the second quarter of 2012.

Shares of the Mountain View, California-based company were up 11 percent at $2.33 on Monday on Nasdaq. They rose to a high of $2.43 earlier in the session.

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