Cogentix Medical, Inc., a medical device company, designs, develops, manufactures, and markets products for the urology market and flexible endoscopy. The company principally offers Urgent PC neuromodulation system for the overactive bladder and associated symptoms of urge incontinence, urinary urgency and urinary frequency; and Macroplastique implants, an injectable urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. It also provides EndoSheath system, which combines endoscopic technology with a sterile and disposable microbial barrier for flexible endoscopy. In addition, the company offers Macroplastique products for treatment of vesicoureteral reflux; PTQ Implants, which provide a minimally-invasive, soft-textured permanent implant for treatment of fecal incontinence; Urgent PC System for the treatment of fecal incontinence; and VOX Implants, a silicone elastomer bulking material for vocal cord rehabilitation applications, as well as distributes wound care products. The company sells its products primarily to urologists, urogynecologists, and gynecologists through a direct sales organization in the United Kingdom, the Netherlands, Switzerland, Belgium, Finland, Sweden, and Denmark, as well as through distributors in other markets. Cogentix Medical, Inc. was founded in 1987 and is headquartered in Minnetonka, Minnesota.
MINNEAPOLIS, Sept. 7, 2016 /PRNewswire/ -- Cogentix Medical, Inc. (CGNT), a medical device company that develops, manufactures and markets innovative proprietary products for the urology market, today announced that it has entered into a securities purchase agreement with Accelmed Growth Partners, L.P. Under the terms of the securities purchase agreement, Accelmed would purchase $25 million of Cogentix Medical common stock from the Company at $1.55 per share, a 29% premium over the closing price of the stock on September 6, 2016 and a premium of 36% over the average closing price over the last 30 days. The securities purchase agreement is subject to various closing conditions, including approval by the shareholders of Cogentix Medical. Accelmed is a premier capital resource for the medical device industry and is based in New York, NY and Hertzeliya, Israel. Cogentix would apply the proceeds to working capital as well as the implementation of a business development strategy to acquire growth technologies addressing the urology market.
