SafeStitch Officially Changes Name to TransEnterix

SafeStitch Medical Inc., which recently merged with Research Triangle Park, N.C.-TransEnterix Inc., has officially changed its name to TransEnterix. The name change was part of the original deal and recently cleared all the obligatory business and regulatory hurdles. The merger was completed in September.
Under the deal terms (most of which were not disclosed at the time), shareholders of SafeStitch and Transenterix own 35 percent and 65 percent, respectively, of the combined company. SafeStitch moved its base from Miami, Fla., to TransEnterix’s North Carolina location.

The company will begin trading on the OTC Bulletin Board under the new ticker symbol “TRXC.” The new ticker symbol replaces “SFES” and reflects the combined company’s new name. These changes do not otherwise affect shares of common stock held by the company’s stockholders.

“Today’s announcement represents a significant milestone following our merger with SafeStitch Medical. 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,” said Todd M. Pope, president and CEO of TransEnterix.

TransEnterix is a development-stage medical device company focused on flexible instruments and robotics to improve how minimally invasive surgery is performed.