Breakthrough innovations in the health care field are always rewarding. A company gets to boost its revenue stream, and its profile is also elevated. Transenterix Inc (NYSEMKT:TRXC) is a company that wants both and much more with its robotic surgery system.
The company has been busy developing a medical device that will make the work of surgeons easier and perhaps more effective. However, the process developing the device requires a lot of work as one would expect but the reward is handsome when things fall into place, as Transenterix hopes they will very soon.
Successful clinical trial
On December 19, the company fired a press release that stirred the market looking at how its stock behaved on the day. In the press document, the company detailed how its SurgiBot system was successfully used in two minimally invasive surgical procedures on patients. The most interesting thing in the pre-clinical trial of SurgiBot system is that the doctors that performed the trails are experts of repute in their fields. The doctors did not only perform the surgeries successfully, but they were left wondering how great SurgiBot system can be for surgery procedures.
The announcement contained comments from the doctors, and their observations were very inspiring. According to CEO, Todd M. Pope, the positive pre-clinical results support their success expectation in the commercialization of the device.
Following the successful trial of SurgiBot system in a pre-clinical phase, Transenterix Inc (NYSEMKT:TRXC) affirmed the commitment to submit the FDA 510 (k) document by mid-2015. The management stated that the preparation for the filing was underway.
On December 11, Transenterix Inc (NYSEMKT:TRXC) announced a new board appointment, adding William N. Kelley, M.D. to the board of directors. The appointment, which increased the board membership to nine, takes effect on January 1, 2015. Kelley is cited a veteran in the health care field. His addition to the board is expected to help the company refine its path towards the launch of SurgiBot system and other innovative products.
Transenterix Inc (NYSEMKT:TRXC) generated $0.06 million in revenue in the most recent quarter. The amount dropped from $0.11 million in the prior quarter. The company suffered a net loss of $11.51 million in the quarter, which was wider than $10.59 in the previous quarter.
Transenterix concluded the latest quarter with $39.25 million in the treasury, indicating a decline from $50.92 million at the end of the prior quarter.
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