Titan Medical prices overnight offering

Titan Medical (TSE:TMD) today priced an overnight offering at 46.1¢ (C60¢) per unit, saying it plans to use the proceeds to continue developing its Sport robot-assisted surgery platform.

Each unit in the offering consists of a share of stock and a 5-year warrant to buy another share at 57.6¢ (C75¢). Toronto-based Titan did not say how many units it planned to float in the offering or how much it hopes to raise.

TMD shares were trading at 41.4¢ apiece (C54¢) in mid-day activity today, down -20.6%. Titan said the agents on the flotation, Bloom Burton & Co. and Echelon Wealth Partners, are due a 7% cash commission, plus 7.0% of the warrants. The offering also includes a an over-allotment option for 15% of the units sold. The deal is expected to close Sept. 20, the company said.

Titan needs cash 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.

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