With the paperwork now official, SafeStitch Medical has a new name and a different stock symbol. TransEnterix is the name and TRXC is the symbol.
The changes reflect the recent merger of TransEnterix and SafeStitch, which made TransEnterix a public company. The deal was announced in September.
TransEnterix formally announced the changes early Monday before the stock markets opened.
Its shares are traded on the OTC Bulletin Board. The old symbol was SFES.
Shares closed at $1.64 on Friday.
The board of directors had approved the changes last month.
“Today’s announcement represents a significant milestone following our merger with SafeStitch Medical,” said Todd Pope, chief executive officer of TransEnterix. “The combined company is poised to deliver innovative new products for minimally invasive surgery, including the SurgiBot, a patient-side minimally invasive surgical robotic system.”
TransEnterix shareholders own 65 percent of the company.
“We believe the business combination with SafeStitch will enhance our ability to bring flexible minimally invasive surgical technologies to market,” Pope said in a statement at the time of the merger. “This accompanying fundraising provides the company with the resources to advance the development of SurgiBot, a novel patient side minimally invasive surgical robotic system.”
Pope also serves on the newly formed board of directors.
SafeStitch raised $30.2 million in a private placement of its equity securities as part of the deal. TransEnterix investors provided $19.7 million of the financing. Dr. Phillip Frost and Dr. Jane Hsiao of SafeStich and other SafeStich investors contributed $10.5 million.