Titan Medical (TSE:TMD) said today that it raised nearly $7.9 million (C$10.25 million) via an overnight offering it plans to use to restart the development program for its Sport robot-assisted surgery platform.
The Toronto-based company said it sold almost 17.1 million units at 46.1¢ (C60¢) apiece. The proceeds are slated for the completion of an engineering verification unit, a pair of usability modules and initial usability studies for the Sport program, plus working capital and other uses.
Titan had hoped to raise between $8 million and $12 million with the offering. Each unit consisted of a share of stock and a 5-year warrant to buy another share at 57.6¢ (C75¢).
The agents on the flotation, Bloom Burton & Co. and Echelon Wealth Partners, are due a 7% cash commission, plus 7.0% of the warrants. Roth Capital Partners acted as special selling group member, Titan said today.
The cash is badly needed to re-start the Sport program, which has been on hold since mid-August when the outside product developers suspended development until the company can cover its bills; adding insult to injury, a planned $16.0 million equity investment from Shanghai JuGu Equity Investment Fund, originally slated to close June 30 and extended to August 15, failed to materialize.
Executive vice president for clinical & regulatory affairs Dr. Dennis Fowler resigned effective August 31.
($1 = C$1.302)
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