Titan Medical (TSX:TMD) said today it added an approximate $300,000 to a private placement round that closed earlier this month alongside raising $6.5 million (CDN $8.4 million) from exercising share purchase warrants.
The Toronto-based robotic surgical platform developer said that it raised a total of $2.6 million (CDN $3.3 million) through the placement of 13.4 million shares of its stock at 19¢ per share, up from a previously reported $2.3 million (CDN $2.9 million) it announced when the round closed on October 20.
The round was joined by more than a dozen robotic surgeons from the US, Titan Medical said, and funds are slated to support continued development of its Sport robotic surgical platform, according to a press release.
In a separate deal announced last week, the company said it received a total of $6.5 million (CDN $8.4 million) in proceeds from excercising share purchase warrants, with 42.6 million shares issued through the exercise of 40.9 million shares at 16¢ per share (CDN 20¢), 5,000 warrants at 31¢ per share (CDN 40¢) and 1.7 million broker warrants at 12¢ per share (CDN 15¢).
“The early exercise of these warrants provides us with additional capital that we will use to fund continuing preclinical feasibility and validation studies at our U.S. and European Centers of Excellence, and development of our Sport Surgical System. We expect that the funds from the warrant exercises, along with funds from the recently-announced surgeon-led private placement, will sufficiently finance our operations through the end of 2017,” prez & CEO David McNally said in a prepared statement.