FORT LAUDERDALE, Fla., May 18, 2009 (GLOBE NEWSWIRE) -- MAKO Surgical Corp. (Nasdaq:MAKO), a medical device company that markets both its robotic arm interactive orthopedic surgical platform and proprietary RESTORIS(r) implants for minimally invasive orthopedic knee procedures known as MAKOplasty(r), today announced that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission. The shelf registration statement, when declared effective by the Securities and Exchange Commission, will allow MAKO the flexibility to offer and sell from time to time over a three-year period, in one or more public offerings, up to $50 million of debt securities, common stock, preferred stock, warrants, stock purchase contracts, stock purchase units, or any combination thereof. The terms of any such offerings will be established at the time of the offering, will be subject to market conditions and will be described in a supplement to the prospectus.
MAKO previously announced an equity financing in October 2008 that included the right to require certain participating investors to purchase, at MAKO's option, an additional $20 million of common stock and warrants to purchase common stock upon MAKO's satisfaction of certain business related milestones before December 31, 2009.
"We believe that our shelf registration statement will provide MAKO enhanced flexibility in accessing additional capital," said Dr. Maurice R. Ferre, President, CEO and Chairman of MAKO. "This potentially could involve the exercise of our existing $20 million call option or pursuing a more favorable financing alternative based on market conditions," he said.
MAKO's shelf registration statement has been filed with the Securities and Exchange Commission but has not yet become effective. The securities registered may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state. Any offering of the securities covered by the registration statement will only be by means of a written prospectus.
About MAKO Surgical Corp.
MAKO Surgical Corp. is a medical device company that markets both its RIO(tm) Robotic-Arm Interactive Orthopedic system and its proprietary RESTORIS(r) implants for minimally invasive orthopedic knee procedures. The MAKO RIO(tm) System (RIO(tm)) is a surgeon-interactive tactile surgical platform that incorporates a robotic arm and patient-specific visualization technology and prepares the knee joint for the insertion and alignment of MAKO's resurfacing implants through a minimal incision. The FDA-cleared RIO system allows surgeons to provide a precise, consistently reproducible tissue-sparing, bone resurfacing procedure called MAKOplasty(r) to a large, yet underserved patient-specific population suffering from early to mid-stage osteoarthritic knee disease. MAKO has an intellectual property portfolio of more than 250 licensed or owned patents and patent applications relating to the areas of robotics, haptics, computer assisted surgery and implants. Additional information can be found at www.makosurgical.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding, among other things, statements related to expectations, goals, plans, objectives and future events. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are based on the current estimates and assumptions of our management as of the date of this press release and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause actual results to differ materially from those indicated by forward-looking statements. Many of these factors are beyond our ability to control or predict. Such factors, among others, may have a material adverse effect on our business, financial condition and results of operations and may include changes in competitive conditions and prices in our markets, decreases in sales of our principal product lines, increases in expenditures related to increased governmental regulation of our business, loss of key management and other personnel or inability to attract such management and other personnel and unanticipated intellectual property expenditures required to develop and market our products. These and other risks are described in greater detail under Item 1A "Risk Factors," contained in our annual report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2009. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We do not undertake any obligation to release any revisions to these forward-looking statements publicly to reflect events or circumstances in the future, even if new information becomes available.
"MAKOplasty(r)," "RIO," "RESTORIS(r)," "Tactile Guidance System" and "TGS," as well as the "MAKO" logo, whether standing alone or in connection with the words "MAKO Surgical Corp.," are trademarks of MAKO Surgical Corp.