Power Medical Interventions Inc. (PMI), a Langhorne, PA medical device company, has announced today the pricing of its IPO, a $11 stock to be sold on NASDAQ Global Market under the symbol “PMII.” The company plans to sell 3,850,000 of its shares.
PMI is trying to market its newly 510(k)’ed i60 Intelligent Surgical Instrument™, a robotic articulating endoscopic linear cutter, to general, bariatric, colorectal, gyne, and thoracic surgeons.
Here’s what the company says about its first product, which is based on proprietary SurgASSIST® platform:
The i60 Intelligent Surgical Instrument™ is the first of PMI’s next generation products, that is controlled by drive motors, motor control circuits and clinician-feedback technology that have been miniaturized and integrated into the handpiece. The instrument is operated with digital controls located in the handle. PMI’s first generation of Intelligent Surgical Instruments™ requires a flexible shaft that connects the hand held surgical device to a power console. The i60 Intelligent Surgical Instrument™ does not require a power console or a flexible shaft.
At the push of a button, the i60 places four rows of medical grade titanium staples in tissue while simultaneously cutting between them. The i60 Intelligent Surgical Instrument™ also offers articulation capabilities that enable it to mimic the articulation of the human wrist, enabling surgeons to access difficult to reach anatomy. The Company expects these key technology improvements to allow for more flexible manipulation, enhanced dexterity and increased ease of use of its Intelligent Surgical Instruments™.
Product page: i60 Intelligent Surgical Instrument™…
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