Titan Medical adds $900k to $8m overnight offering

Titan Medical (TSE:TMD) said today that it brought in another $909,000 after the underwriters of an overnight offering picked up their over-allotment option.

Toronto-based Titan said it sold some 2 million shares at about 44.8¢ (C60¢) apiece, adding $909,000 (C$1.2 million) to the $7.7 million (C$10.25 million) it raised in the initial offering last month.

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 C75¢. The $8.6 million (C$11.5 million) it wound up with is earmarked for human factors and usability testing for the company’s Sport robot-assisted surgery platform.

Enabled by the cash infusion, earlier this month Titan inked a deal with the principal developer of the Sport system to re-start the program after its halt due to a financial shortfall.

Toronto-based Titan, which ousted longtime CEO John Hargrove Oct. 11, put the Sport program on hold in mid-August after Providence, R.I.-based Ximedica suspended development until Titan could 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.

($1 = C$1.33848)

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