Titan Medical closes $12m offering

Titan Medical (CVE:TMD) said it grossed about $11.5 million (C$15.1 million) in a public offering of shares and warrants that closed yesterday.

The Toronto-based robot-assisted surgery company said it sold nearly 15.1 million unit at 76¢ (C$1) apiece. Each unit consisted of a common share and a 5-year warrant priced at 92¢ (C$1.20). The offering included the sale of 191,000 units to a company insider, Titan said.

The company said the proceeds are earmarked in part for optimization trials and cadaver labs for its Sport platform.

Earlier this week Titan said its 2015 losses grew 207.9% to -$41.4 million, or -40¢ per share, compared with 2014, reflecting a 257.8% surge in R&D spending to $38.2 million.

“2015 was a significant year for Titan in which we completed the build of an initial Sport surgical system, including both the work station and patient cart. Earlier this month we made our 1st public unveiling and demonstration of Sport at the Society of American Gastrointestinal & Endoscopic Surgeons annual meeting in Boston to strong turnout and interest from the surgical community. We remain on track with our development timeline and are focused on accomplishing our next major milestones, which include the initiation of optimization trials and cadaver studies, and commencing the audit for CE marking for European regulatory approval later this year, chairman & CEO John Hargrove said in prepared remarks.

($1 = C$1.31197)

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