Medtronic is ready to invest an additional $20 million in Mazor Robotics, an announcement that broke just ahead of Mazor announcing its newest technology: Mazor X, according to the Star-Tribune.
Here are six key notes on the Mazor X technology:
1. The platform expands on Mazor’s robotic guidance technology to include analytical tools, multiple-source data, precision guidance, optical tracking, intra-op verification and connectivity technologies. The company hopes Mazor X will enhance predictability and patient benefit.
“The Mazor X platform expands the field of spine surgery from trajectory guidance to assisting surgeons with a total patient treatment strategy,” said Mazor CEO Ori Hadomi. “Following our recently formed partnership with Medtronic and the increased market access it provides us, the launch of Mazor X positions us for accelerated growth and long term leadership in the spine market.”
2. Mazor has spent several years developing the technology. The Mazor robot has been used by hundreds of surgeons to place more than 100,000 guided spine implants and the company leveraged that experience to develop the Mazor X system.
“Mazor X is the culmination of a multi-year development effort to proactively address our target market, surgeon and patient needs for today’s reimbursement environment, by applying multi-disciplinary principles to achieve a Surgical Assurance platform,” said Mr. Hadomi.
3. The technology will be launched at the North American Spine Society annual meeting in Boston in October. Mazor has received FDA clearance for the technology.
4. Medtronic, which purchased 4 percent of Mazor in May for $11.9 million, placed a purchase order for 15 Mazor X systems. The Mazor X unveiling triggered the second tranche of equity investment by Medtronic in Mazor. The start of a global distribution agreement, among other things, will trigger the third tranche.
5. Medtronic X provides Surgical Assurance, which includes preoperative analytics, intraoperative guidance and real-time three-dimensional verification. The system cost $850,000 as an introductory price, according to the Star-Tribune report.
6. Despite the partnership between Mazor and Medtronic, the robotic technology is open to all implants, not just Medtronic’s. However, Mazor’s stock has gone up 91 percent since the agreement with Medtronic was first announced. Analysts report physician interest in robotic assisted surgical tools is growing, according to the Star-Tribune report.