Hansen Medical Taps Secondary Market (HNSN)

By Douglas A. McIntyre Updated Mar 26, 7:29PM EDT · Published Apr 2, 7:55AM EDT

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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 [email protected]; he does not own securities in the companies he covers.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.