RESEARCH TRIANGLE PARK – Robotic surgery firm TransEnterix will explore options for the company’s future – including a possible sale – and also will go through a corporate restructuring, the company says.

The moves come as its shares (TRXC) continued a year-long decline to close at 44 cents on Thursday, down from $4.50 a year ago.

Also, TransEnterix announced Thursdfay that is chief financial officer Joseph Slattery is retiring as of Dec. 31.

“His departure is not due to any disagreement relating to the Company’s operations, financial statements, internal controls, auditors, policies or practices,” the company noted.

Revamped future?

“We are implementing a plan that will refocus our resources on the continued global market development and commercialization of our current platform and development of our next generation Senhance features and related instruments while reducing our overall operating expenses,” said CEO Todd Pope.

“In parallel, the Board of Directors and management team believe that this is an appropriate time to evaluate strategic alternatives to assess how best to maximize value for our stockholders.”

No layoffs were announced as part of the restructuring. The firm also is reaching outside for advice about how to proceed in the future.

“The Company has engaged J.P. Morgan Securities LLC to assist its Board of Directors in considering strategic alternatives for the Company to enhance stockholder value, including, but not limited to, a sale of the Company, a financing of the Company, a strategic partnership, a collaboration or some other form of commercial relationship,” TransEnterix disclosed in a statement.

The firm says it has enough cash and equivalents to continue operations through the first quarter of 2020. Those include $4 million in a revamped sales agreement and add up to $22.8 million.

Revised asset sale

TransEnterix also said its sale of assets for its laparoscope positioning  system known as AutoLap has been revised. The firm announced the sale to Great Belief International in July in a deal worth $47 million. Reasons for the revision were not disclosed.

However, the new value of the deal is $4 million in cash, including $3 million paid on Oct. 15, and a $13 million letter of credit.

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