Hansen Medical, Inc. announced that the Company has reached an agreement in principle to settle the consolidated securities class-action lawsuit related to the restatement of Hansen Medical's financial statements that was first announced in October 2009. Upon final court approval, all defendants, including Hansen Medical, will receive a full and complete release of all claims in the previously disclosed securities class action. Under the terms of the proposed settlement, the plaintiffs will receive an aggregate of $8.5 million, $4 million of which will be funded in cash by Hansen Medical's insurers and other sources. The company will fund the remaining portion by issuing $4.25 million worth of its common stock, the number of shares to be determined based on the average closing price of the company's stock for the 10 trading days preceding final court approval of the settlement of the class action, and paying $250,000 in cash. The settlement agreement contains no admission of liability by Hansen Medical or any other defendant. The company believed this settlement is in the best interest of Hansen Medical and its stakeholders, as it eliminates the uncertainties, burden and further expense associated with this litigation. The settlement is subject to the satisfaction of various conditions, including execution of final settlement documents and approval by the United States District Court for the Northern District of California, which the company expects to receive within approximately six months. Previously, in October 2011, the company entered into a settlement with the United States Securities and Exchange Commission (SEC) that fully resolved the SEC investigation of Hansen Medical related to the issues surrounding the October 2009 financial restatements. The settlement with the SEC did not impose any monetary penalty or fine on the company. In accepting that settlement, the SEC recognized the company's remedial actions, including the change of personnel since the events related to the restatement surfaced, and the substantial cooperation Hansen Medical provided in connection with the SEC investigation.

Hansen Medical, Inc. reported unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of $2.95 million compared to revenue of $4.65 million in the same period in 2012. Net loss was $17.19 million, or $0.26 per basic and diluted share compared with a net loss of $11.81 million, or $0.20 per basic and diluted share last year. Net loss for the first quarter of 2013 included total non-cash stock compensation expenses of $1.1 million compared to $279,000 in the first quarter of 2012. Loss from operations was $15.56 million compared to $10.93 million last year. Loss before income taxes was $17.15 compared to $11.81 million last year. For the year 2013, the company continues to expect improvement in gross margins over 2012 levels based on current volume assumptions of product sales and increased efficiency from cost savings initiatives. For purposes of the company's 2013 outlook, the term ‘commercialize’ refers to revenue-generating transactions, including the conversion of evaluation units.

Hansen Medical, Inc. announced the results from a recently published pre-clinical study describing potential benefits of Hansen Medical's robotic technology for the treatment of carotid arteries. The study results appeared in the Journal of Cardiovascular Surgery, December 2012. The study was conducted by a team of clinicians under the guidance of Professor Nick Cheshire, MD of St Mary's Hospital and Head of Circulation Sciences at Imperial College Healthcare. The purpose of the study was to investigate whether the use of the robotic system could reduce the embolic risk associated with carotid artery stenting. The study was performed using a predecessor robot to Hansen Medical's Magellan(TM) Robotic System in a pulsatile in vitro model of the aortic arch and carotid arteries. Beyond this pre-clinical study, the Company reported that other centers have reported using the Magellan System to successfully access and treat carotid arteries in patients. One of these centers is the Baptist Cardiac & Vascular Institute (Baptist Hospital of Miami), with the cases being performed by or under the direction of Dr. Barry Katzen, founder and Medical Director of the Institute.