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Titan Medical closes $2m deal with Chinese investor

By Sarah Faulkner | August 25, 2017

Titan Medical SportTitan Medical (TSX:TMD) said today that it closed a deal with Longtai Medical to convert a $2.0 million distributorship deposit to equity. The move makes Longtai the robotic surgical company’s largest shareholder.

In May of 2015, Titan Medical and Longtai, a subsidiary of Chinese medical device distributor Ningbo Long Hengtai International Trade Co., inked a deal to make Longtai the company’s exclusive distributor of its Sport robotic surgical platform in China.

According to the latest deal, Titan issued 16,892,000 shares to Longtai at 12¢ (CDN 15¢) apiece. Each unit offered is made up of one common share and one purchase warrant exercisable for a single common share at 16¢ (CDN 20¢) apiece for 60 months from the offering’s closing.

“We are very excited to become Titan’s largest shareholder and a long-term strategic partner. We look forward to working with Titan in the future development of the China and Southeast Asia markets,” Longtai CEO Feng Ting Ling said in a prepared statement when the deal was first announced.

In July this year, Titan Medical closed a stock offering worth nearly $7 million for the Sport robot-assisted surgery platform that it’s developing.

See the best minds in medtech live at DeviceTalks Boston on Oct. 2. 

About The Author

Sarah Faulkner

Sarah Faulkner graduated from Emmanuel College in 2015 with a degree in chemistry. After realizing she could put her scientific know-how to use in places other than a lab, she went to Boston University and received a master’s degree in science journalism in 2016. Following a stint writing for the Yale School of Medicine, covering the opioid crisis and the importance of humanities in medicine, she joined the team at MassDevice.

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