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Why Hansen Medical (HNSN) Is Soaring Today

Stocks in this article: HNSN

NEW YORK (TheStreet) -- Hansen Medical  (HNSN) was soaring 20.13% to $2.68 on Tuesday after the medical robotics manufacturer announced it has received FDA clearance for its Magellan 6Fr Robotic Catheter, which has a smaller diameter than the Magellan 9Fr Robotic Catheter.

The clearance mandates that holders exercise the $14 million in Series A Warrants that it issued as part of the private placement of stock and warrants announced on July 31, 2013. Hansen issued approximately 11 million warrants at $1.23 apiece. The holders must exercise the warrants within 15 days' notice of the FDA clearance.

Hansen also issued 11 million Series B warrants at $1.50 apiece and 11 million Series C warrants at $2 apiece, though these warrants expire in 2015 and are not subject to the mandatory exercise.

"This is a major development for Hansen Medical and intravascular robotics," said Barry Katzen M.D., founder and Medical Director of Baptist Cardiac & Vascular Institute (Baptist Hospital of Miami) in Hansen's statement. "With this lower profile robotic catheter, we can now increase the number and types of procedures we perform with the Magellan Robotic System. The new catheter expands the clinical applications to many interventional vascular therapies involving smaller vessels, including cancer treatment, women's health, and lower limb treatment."

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