Titan Medical adds $1m to offering

Titan Medical (TSX:TMD) today announced the 2nd closing of a public offering of shares, bringing in an additional $1.3 million (CDN $1.7 million) on top of a previously raised $5.7 million (CDN $7.3 million) for a total of $7.1 million (CDN $8.9 million).

The Toronto-based surgical robotics company said it sold an additional 11.1 million shares in the 2nd closing, for a price of 12¢ (CDN 15¢) per share. Each unit in the offering consisted of a stock share and a 5-year warrant priced at 15.3¢ (CDN 20¢).

Funds from the offering will be used to continue support of its Sport robotic surgical system, according to a company press release, as well as to support working capital and other general corporate purposes.

Last week, Titan Medical said it inked a collaborative deal with Florida Hospital Nicholson Center to engage in a feasibility and validation study of Titan’s Sport robotic surgical system as the company seeks regulatory approval for the platform.

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