Titan Medical eyes offering of up to $25m

Titan Medical (TSX:TMD;OTC:TITFX) said today that it filed an overnight prospectus for a stock offering worth up to $25 million.

The Toronto-based surgical robotics developer said the flotation aims to raise between $20 million and $25 million from the sale of units consisting of a stock share and a warrant, plus a 30-day over-allotment option of up to 15% of the floated units. The pricing and volume of the offering are still to be decided, Titan said. It’s slated to close March 21.

The proceeds are earmarked for further development of Titan’s single-port robot-assisted surgery platform, called Sport, plus working capital and other expenses.

Bloom Burton Securities is the agent for the offering, with Northland Securities as U.S. sub-agent, Titan said.

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