Over-allotment brings Titan Medical offering to $12m

Titan Medical (CVE:TMD) said today an over-allotment option on its most recent offering added another $1.1 million (CDN $1.6 million) through the sale of an additional 1.7 million units at 65¢ (CDN 90¢) to the round, lifting the round total to approximately $8.8 million (CDN $12 million).

Each unit sold in the offering, which was managed by Bloom Burton & Co. Limited, consists of 1 common share of stock and one common share purchase warrant, which entitles the holder to acquire one share of the company at 73¢ (CDN $1) per share for 60 months following closing.

Toronto-based Titan Medical said it received conditional approval from the Toronto Stock Exchange to trade the shares under the symbol TMD, and warrants under the symbol TMD.WT.G, according to a press release.

The company said it intends to use proceeds from the offering to complete 5 1st-in-human units of its Sport surgical system, as well as for working capital and other general corporate purposes.

Titan’s Sport surgical system is a minimally invasive robotic surgery system featuring the company’s Single Port Orifice Robotic Technology and 3D imaging and interactive instruments, the company said.

Last month, Titan Medical introduced the prototype of its Sport robot-assisted surgery device to investors in New York as it gears up for 1st-in-human trials this year.

Titan is chasing TransEnterix (NYSE:TRXC) in the race to challenge robot-assisted surgery’s dominant player, Intuitive Surgical (NSDQ:ISRG), and its da Vinci system. TransEnterix’s SurgiBot is expected to hit the U.S. market during the 1st half of this year; Titan’s Sport offering is anticipated for mid-2017.

The post Over-allotment brings Titan Medical offering to $12m appeared first on MassDevice.

from MassDevice http://ift.tt/1p13ZNE