RESEARCH TRIANGLE PARK — Medical device firm TransEnterix looks like it is headed to surer footing with a new stock deal announced this week.

The RTP-based maker of surgical robots and medical instruments has entered into a common stock purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), a Chicago-based institutional investor.

According to the terms of the agreement, TransEnterix will have the right “in its sole discretion” to sell to Lincoln Park up to $25 million in shares of the Company’s common stock over a 36-month period.

The announcement comes just three months after the firm installed a new chief executive officer,  Anthony Fernando, when its stock dipped as a low as 30 cents, one 10th its value a year ago, and mulled its strategic options such as a possible sale.

“The Company expects this Commitment to provide us with additional balance sheet strength in order to pursue our strategy for delivering long-term value,” said Fernando in a statement.

TransEnterix is focused on the commercialization of the Senhance® Surgical System, which digitizes laparoscopic minimally invasive surgery. The system allows for robotic precision, haptic feedback, surgeon camera control via eye sensing and improved ergonomics — and now increased control in visualization to recognize certain objects and locations in the surgical field.

In January, it filed a 510(k) submission with an Intelligent Surgical Unit, seeking FDA clearance for its new technology in abdominal robotic surgery.

“In 2020, we are focused on expanding the number of sites utilizing Senhance globally, increasing the volume of procedures being performed, generating meaningful clinical and economic evidence that supports the utilization of Senhance, and further expanding our product portfolio,” added Fernando.

Over 6 million applicable procedures are performed annually in the United States and the European Union.

CEO is out at TransEnterix, will remain an adviser as company mulls possible sale