Titan Medical (TSX:TMD) said today that it closed a stock offering worth about $7 million for the Sport robot-assisted surgery platform it’s developing.
The round consisted of two tranches, according to Toronto-based Titan: an initial round worth $5.7 million (C$7.3 million) and a subsequent $1.3 million (C$1.7 million) tranche, for gross proceeds of roughly $7.1 million (C$8.9 million).
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.
Earlier this month, 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.
($1 = C$1.24582)
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