In a reverse merger in September, medical device firm TransEnterix took over Florida-based SafeStitch but had to keep the SafeStitch name and stock symbol in becoming a public company. But the name is changing.
Shareholders in the combined company on Oct. 29 approved the change of the corporate name to TransEnterix and also OK’d a change in its stock symbol.
In releasing quarterly earnings Tuesday, TransEnterix said its new symbol will be TRXC sometime in the fourth quarter.
Currently, SafeStitch trades over the counter under the symbol SFES.
The combined company resulted from a merger that closed two months ago. At that time, TransEnterix also raised some $30 million in new capital.
Revenues were $362,000 in the third quarter, a decline of 32 percent from a year ago.
The company attributed the slide was “primarily due to a reduction U.S. sales personnel” and lower sales for its Spider Surgical System.
For the quarter, SafeStitch lost $11.3 million.
The company reported cash and equivalents of $23.8 million as of Sept. 30.
“The recently completed merger of TransEnterix and SafeStitch and concurrent $30.2 million financing provide us with a strong foundation for growth,” said Todd Pope, the chief executive officer. “We are enthusiastic about the market opportunity for our SurgiBot system and look forward to bringing this innovative surgical robotic solution to the market.”
